HM Treasury is seeking views on proposed changes to the Money Laundering Regulations 2007, which require tax agents to identify and report suspicious activity. Agents who are not members of professional bodies are registered by HMRC.
The proposals follow a government review with engagement from more than 250 stakeholders, the Treasury said. They would involve removal of more than two dozen criminal penalties, and are intended to ‘discourage the tick-box approach taken by some businesses’.
There would be a general exclusion for ‘very small’ businesses, for example those with VAT-exclusive turnover of less than €15,000 per annum. Comments are invited by 30 August.
HM Treasury is seeking views on proposed changes to the Money Laundering Regulations 2007, which require tax agents to identify and report suspicious activity. Agents who are not members of professional bodies are registered by HMRC.
The proposals follow a government review with engagement from more than 250 stakeholders, the Treasury said. They would involve removal of more than two dozen criminal penalties, and are intended to ‘discourage the tick-box approach taken by some businesses’.
There would be a general exclusion for ‘very small’ businesses, for example those with VAT-exclusive turnover of less than €15,000 per annum. Comments are invited by 30 August.
