UK Tax Authority Prepares for Anti-Money Laundering Role

Stephen Harris 22 November 2007

UK Tax Authority Prepares for Anti-Money Laundering Role

The UK’s tax authorities, HM Revenue and Customs, has issued guidance for Trust and Company Service Providers ahead of new anti-money laundering regulations which come into effect from 15 December 2007. Along with professional trustees, family offices and will writers, the new regulation will apply to, amongst others, recruitment agencies that deal with directors and company formation agents. The regulations will force TCSPs to carry out checks on their customers’ identities, identify the risk of money laundering posed by a customer and report suspicious activity to the Serious Organised Crime Agency. HMRC will oversee businesses that are affected by the new regulations which are not at present regulated by the Financial Services Authority or a professional body. Under existing money laundering regulations, the tax authority already supervises money service businesses and high value dealers. HMRC says that up to 10,000 TCSPs must get to grips with the new regulations.

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