Further detail on the changes being taken forward is available on the Review of the Money Laundering Regulations page on HM Treasury’s website.
HM Treasury press release
HMRC TO CONTACT BUSINESSES REGISTERED UNDER THE MONEY LAUNDERING REGULATIONS
1 May 2013
HMRC has published news about a programme of work that is to be undertaken by Anti- Money Laundering Compliance Officers.
HM Revenue & Customs (HMRC) Anti-Money Laundering Compliance Officers will shortly begin a programme of telephoning businesses registered with, and supervised by HMRC under the Money Laundering Regulations (MLR) 2007. These calls will be in addition to and will complement ongoing HMRC compliance activity. HMRC will be contacting businesses to make sure that up to date information is held about their activities. The calls will also further improve HMRC understanding of customers and to find out whether they need any additional help. HMRC can ask registered businesses for this information under Regulation 37 of the MLR 2007 and this has proved to be a very cost effective way for both customers and HMRC supervisors to conduct its compliance activity. During the calls the HMRC officers will confirm their identity and ask businesses for their security information. They will ask for details of business activities, customers and also answer any questions. This will help HMRC decide whether a visit is needed and give businesses the opportunity to clarify any issues they may have.
CHANGE TO GUIDANCE ON PENALTIES UNDER HMRC MONEY LAUNDERING SUPERVISION – REVISED GUIDANCE TO FOLLOW
5 June 2013
HMRC has published advance notice that amended guidance on penalties for business under HMRC Money Laundering Supervision is to be published shortly.
HMRC has reviewed its guidance on penalties for businesses under HMRC Money Laundering Supervision and has made some amendments to clarify its approach. The amended guidance will be published soon. The guidance explains the range of actions that HMRC, as a supervisor, can take when businesses breach the Money Laundering Regulations. The action HMRC can take ranges from warning letters to criminal prosecution.
Any action taken will continue to depend on the particular circumstances of the case and the impact and severity of the failings identified.
Current details can be found on the Money Laundering Regulations pages of the HMRC web site.
CIPP Policy News Journal
16/04/2014, Page 230 of 519
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