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HMRC issues MLRs alert

14 November 2007
Categories: News , Admin
Businesses are reminded of next month's change to money laundering rules

With new money laundering regulations (MLRs) only a month away, HMRC are urging businesses to be prepared.

The rules come into effect on 15 December 2007, replacing their 2003 predecessors, and will affect money service businesses, trust or company service providers, high value dealers, and accountancy service providers.

HMRC's business director of money laundering regulations, Melissa Tatton, said: 'Affected businesses need to have the right processes in place'.

She added: 'It's critical that all businesses that have to register with us get their applications in before the legal deadline for their sector, and we recommend sending them in early.

'Any business that thinks they may be affected should take a look at our website to find out more about when and how to apply.'

As part of the transitional arrangements around the introduction of the MLRs, registration deadlines have been set for existing businesses (i.e. those trading on 15 December 2007):

  • 1 February 2008 for money service businesses (MSBs)
  • 1 April 2008 for trust or company service providers (TCSPs)
  • High value dealers (HVDs) will re-register with HMRC as a part of the annual process by which they renew their registration.
  • From 15 December, all new MSBs, HVDs and TCSPs will have to register with HMRC before commencing trading.
Categories: News , Admin
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