On 7 March, HMRC published an updated version of what it called a “Partnership Pack”, designed to help stakeholders and intermediaries support businesses preparing for day 1 if the UK leaves the EU without a deal. The pack includes step-by-step flowcharts; leaflets and videos that can be shared with clients and customers; links to detailed guidance elsewhere on GOV.UK for specialist areas and individuals; and a short video.
On 7 March, the FSA in the Isle of Man issued a news release bringing to its regulated entities attention the guidance issued earlier this year by the Wolfsberg Group (and highlighted previously on this blog!). The FSA says that its guidance handbook will be updated in due course to take account of the Wolfsberg Group guidance.
Accountancy Daily on 7 March reported that, with weeks until Brexit, HMRC has finally issued guidance for importers and exporters on how a postponed VAT accounting system would work in the event of no deal scenario to prevent businesses having to immediately pay UK VAT on imports from the EU.
On 4 March, Bright Line Law published an article which explores the recent targeting of foreign student bank accounts for freezing pursuant to Part 5 of the Proceeds of Crime Act 2002. 95 accounts, totalling an estimated £3.6 million, were frozen in a single day on suspicion of money laundering and other criminality. It will be incumbent on the NCA to identify the unlawful activity said to have generated the money deposited into the student’s account. In many cases, this may be more difficult than they think at first blush.