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HMRC have published news guidance on registering under the Money Laundering Regulations 2007 (MLR).
Advice for trust or company service providers (TCSPs) and accountancy service providers (ASPs) has been updated and is available on the Revenue's website to reflect feedback from businesses in their discussions with HM Treasury.
TCSPs and ASPs that have not yet applied will have to submit applications to register with HMRC by the new date of 30 September 2008. In addition, TCSPs will need to send in their fit-and-proper application forms by the same date.
The new guidance includes clarification for TCSPs that:
- Non-executive directors only fall within the scope of MLR when they act as a director for firms with high-risk business.
- Will-writing is now outside the scope of the regulations.
For ASPs it is noted that customs practitioners fall within the scope of the regulations when they carry out accountancy services or provide tax advice.
HMRC will be writing to TCSPs and ASPs that have already applied to register and who may be affected by the updated guidance. Businesses that confirm they no longer need to register will have their fees refunded.
The Revenue's MLR business director, Melissa Tatton, said the updated guidance is intended to give firms 'greater clarity and reduce the number of businesses that need to register with us, whilst retaining effective anti-money laundering measures across all relevant businesses'.
Further information and the updated MLR 9 Guide to Registration can be found on the HMRC website, from which businesses can download registration and fit-and-proper forms.
