Current News
27 Mar 2008
Money Laundering Deadline Postponed
HMRC has postponed the deadline for registration to 31 May 2008 from the original deadline of 1 April.
The deadline applies to those recruitment businesses which would fall within the definition of Trust and Company Service Provider.
The Money Laundering Regulations 2007 (MLR) state that persons “arranging” for another person to act as a director, secretary of a company or partner in a partnership must register as a Trust and Company Service Provider and will be subject to the onerous compliance obligations of the regulations.
Current HMRC Guidance states that employment agencies and employment businesses fall within the scope of these provisions when they carryout such “arranging”.
However, following submissions made by the REC and others, the Treasury and HMRC have agreed to review their interpretation of the regulations which may result in recruitment businesses being excluded from the scope of the regulations.
The extended deadline is to allow time for this review.
