The new requirements, which will force accountants to file reports on any suspicious transactions or face a potential jail term, will now come into force on 1 March 2004.
Accountants now have just three months to prepare themselves for their new responsibilities, as negligence will not be accepted as a reason for not reporting money laundering activity.
It had originally been thought that the laws would be in force by September but wrangling between government departments over the fine detail of the regulations has constantly put back the launch date.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements