22 November 2007
In brief
Businesses need to brace themselves for new money laundering rules that come into effect next month, HM Revenue & Customs (HMRC) warns. The Money Laundering Regulations 2007 (SI 2007/2157)—which will apply to money service businesses (MSBs); trust or company service providers (TCSPs); high value dealers (HVDs); and accountancy service providers (ASPs)—require affected firms to put in place anti-money laundering controls. From 15 December, any new MSB, HVD or TCSP must register with HMRC before it starts trading. A register for ASPs is planned for 1 April 2008. See www.hmrc.gov.uk/mlr for guidance.
