WIREDGOV

HMRC: HM Revenue & Customs (HMRC) is urging businesses to be prepared for the new Money Laundering Regulations (MLRs) that come into effect on 15 December 2007. The new Regulations will affect: Money Service Businesses (MSBs); Trust or Company Service Providers (TCSPs); High Value Dealers (HVDs); and Accountancy Service Providers (ASPs).

 

They new Regulations will revoke & replace the 2003 Regulations, bring new businesses under the supervision of HMRC, provide a new fit & proper test for people in positions of ownership or control in MSBs & TCSPs, and will require businesses to implement risk-based systems & controls to help prevent money laundering and terrorist financing.

Press release ~ HMRC: Money Laundering Regulations ~ HMRC: Money Laundering Regulations - Registration Summary ~ British Bankers' Association - JMLSG ~ FSA: Money laundering information ~ HM Treasury: Financial crime and terrorist financing

 

BERR: Three new groups are to be awarded £60m as part of the Government's efforts to tackle the lack of financial backing available to fledgling businesses. The public funding will be combined with £30m of private sector money as part of the latest round of Enterprise Capital Funds - designed to invest in small high growth companies.

 

The three groups to receive Enterprise Capital Funds are:

* MMC Ventures Limited- a £30m fund which will be invested across the UK targeting businesses in the healthcare, technology and financial services sectors

* The Dawn Capital Fund - a £30m fund which will invest in traditional sectors where there is scope to make improvements through the use of technology

* Oxford Technology ECF - a £30m fund operated by an established fund management team which will operate out of Oxford targeting early stage companies in the science, engineering and technology sectors.

 

Mr Hutton also announced the creation of Capital for Enterprise Limited, which will manage the funds from 1 April 2008. The new body will take charge of a number of current government programmes including the UK High Technology Fund, the Regional Venture Capital Funds, Early Growth Funds and the Small Firms Loan Guarantee Scheme.

Press release ~ BERR: Enterprise Capital Funds ~ Capital for Enterprise Board ~ MMC Ventures Limited ~ Dawn Capital Fund ~ Oxford Technology ECF

 

This Brief gives details of an article: VAT: Assets used partly for non-business purposes – implementation of ‘Lennartz Accounting’ Regulations

 

This Brief gives details of an article: VAT: Rebates and credit notes relating to customer discounts and associated payments