Money Laundering - Update on guidance

As an update regarding the new Money Laundering regulations, the Treasury has advised that:

‘The UK intends to lay the Regulations as soon as is reasonably possible, and hopefully by 15 June 2003, but will allow a period of three months from laying to the date when the Regulations come into force’.

This means that tax advisers will have until September 2003 to prepare for the new Money Laundering regime (unless of course they are working in the regulated sector when the new rules have been effective since February 2003).

We have been liaising with the ICAEW and other members of the Combined Committee of Accountancy Bodies (CCAB) in the preparation of guidance for members. Interim guidance has been issued by the CCAB and you may access this on the CCAB website at www.ccab.org.uk under documents. The Institute and Association will release specific tax related guidance as soon as possible after the regulations have been finalised.

Heather Brehcist