U-Turn by HM Treasury

12th May 2008

Money Laundering Regulations 2007

An update from Competex Specialist Accountant, Graham Shove

As you are aware HM Treasury introduced new regulations which came into effect on15 December 2007 and HMRC (who are responsible for compliance) guidelinesstated that interim providers and interim managers working through a personalservice company were caught by the regulations under the category of Trust andCompany Service Providers.Over the last few months specialist lawyers have been involved in successfullychallenging HM Treasury on the types of businesses caught by the regulations. Theoutcome is that the bulk of the recruitment sector and, specifically, interim providers,interim managers and consultants will no longer have to register their businesses asa Trust and Company Service Provider, or register the individuals as a ‘fit and properperson’.At a meeting I attended with HMRC MLR Policy Unit last week, they explained that itwill take a few weeks before the revised guidelines are in place because there are

other sectors similarly involved. I can tell you, however, if you have not already

registered you should not do so. If you have already registered you will be eligiblefor a refund, and as soon as I get further information I can tell you how to go aboutgetting your money back.Please remember that, although you do not have to be regulated under anti-moneylaundering legislation, we all have a duty to ‘know your client’ and report suspicious

activity under the Proceeds of Crime Act.

 

Graham Shove
Competex Ltd
Specialist Accountants
01737 234567
07970 627908
Registered Office:
Orchard House, Park Lane, Reigate, RH2 8JX
Reg No: 1784485 England & Wales