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News - 21 February 2012

Money laundering reforms proposed

As part of the government’s campaign to reduce administrative burdens on business, Chancellor George Osborne promised to simplify Money Laundering regulations in his March Budget speech and since then consultation has moved forward around the proposals, which include repealing the criminal sanctions for 36 breaches of the regulations such as failing to train staff, failing to check identities adequately and so on. Criminal charges would still be brought for more serious violations such failing to make a report, destroying documents or tipping off a suspected money launderer.

The amendments to the money laundering regulations are being prepared to tie in with an updated European money laundering directive. The Financial Action Task Force published its proposals on Thursday 16 February and will be incorporated into a draft EU directive by the autumn 2012. Plans for swift implementation in Europe and the UK would mean any changes to the Money Laundering Regulations 2007 would take effect during 2013 or 2014.

As always, we at ABDS will keep you informed as the situation develops.

If you have any questions or wish to make a comment about this or any other of our articles, please do not hesitate to contact us

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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