HM REVENUE AND
CUSTOMS News Release (Ref:NAT 43/08) issued by COI News Distribution
Service. 15 September 2008
Businesses
required under new regulations to identify and prevent money
laundering and terrorist financing have until 30 September 2008 to
apply to register.
HM Revenue & Customs (HMRC) is reminding Trust or Company
Service Providers (TCSPs) and Accountancy Service Providers (ASPs)
that they must send in application forms by 30 September 2008.
Forms and guidance can be downloaded from the HMRC website and a
helpline will also assist customers.
HMRC's Deputy Director of Money Laundering Regulations
(MLR), Mark Tibbitts, said:
"We need TCSPs and ASPs to send in their forms by 30
September 2008 so we can finalise the register and target our
resources at the important job of ensuring that businesses'
anti-money laundering controls are effective.
"TCSPs must submit 'fit and proper' application
forms, used to check the background of applicants, by the same date.
"TCSPs and ASPs should look at the guidance on our website,
which explains what they have to do."
The new registration dates and updated guidance were announced in
July 2008 after discussions with businesses. The MLRs came into
force on 15 December 2007.
The new guidance for TCSPs includes:
* Non executive directors falling within the scope of the
regulations only when they act as a director for firms with high
risk business; and
* Will-writing is outside the scope of the regulations.
The new guidance for ASPs includes:
* Customs practitioners that fall within the scope of the
regulations when they carry out accountancy services or provide
tax advice; and
* ASPs that fall within the regulated sector whose only customers
are other ASPs who are supervised will not be required to register
with HMRC when they fulfil certain conditions.
Notes for editors
1. On 15 December 2007, the Money Laundering Regulations 2007
came into effect. These revoke and replace the 2003 regulations
and bring new businesses under the supervision of HMRC. The
regulations also impose a new fit and proper test for people in
positions of ownership or control in MSBs and TCSPs, and require
businesses to implement risk-sensitive systems and controls to
identify and prevent money laundering and terrorist financing. The
guidance was updated in July 2008.
HMRC already supervises MSBs and High Value Dealers (HVDs) for
compliance with existing Money Laundering Regulations. The new
regulations extend this supervision to ASPs as well as TCSPs.
MSBs need to register with HMRC unless they are already
supervised by the FSA. ASPs need to register with HMRC unless they
are already supervised by a designated professional body. TCSPs
need to register with HMRC unless they are supervised by a
designated professional body or FSA. All HVDs are required to
register with HMRC.
2. As part of transitional arrangements for the introduction of
the regulations, different registration deadlines have been set
for existing businesses (ie those trading on 15 December 2007).
* The deadline for existing TCSPs to submit applications for
registration is 30 September. The deadline for applications to
register for existing MSBs 1 February 2008.
* Existing HVDs will re-register with HMRC as a part of the
annual process by which they renew their registration.
* From 15 December 2007, any new MSBs, HVDs or TCSPs must
register with HMRC before they start trading.
* All ASPs not already supervised by one of the professional
bodies listed in schedule 3 of the regulations are required to be
on the register by 1 January 2009.
3. The fit and proper test is an objective negative-criteria
check of the background of an applicant intended to disrupt
criminal access to the MSB and TCSP sectors.
4. HMRC has been working with the other supervisory authorities
appointed under the Money Laundering Regulations 2007. They
include the Financial Services Authority, the Office of Fair
Trading, the Gambling Commission and professional bodies for
lawyers and accountants.
5. There is a registration fee of £95 per premise for businesses
registering with HMRC. There is a £50 fee per person for
applicants for the fit and proper test (MSBs and TCSPs only).
6. For details go to: http://www.hmrc.gov.uk/mlr/reg-summary.htm
or call 0845 010 9000 (Monday - Friday, 8am to 8pm).
Issued by HM Revenue & Customs Press Office
Website: http://www.hmrc.gov.uk