UK: HMRC RUSHES OUT GUIDANCE ON NEW AML REGULATIONS

On 13 January, Accountancy Daily reported that HMRC has published outline guidance on the changes to AML/CFT regulations, which have been extended to cover lettings agents and art dealers from mid-January, with more detailed information set to follow.  The Money Laundering and Terrorist Financing (amendment) Regulations 2019 came into force on 10 January, updating existing regulations, and implementing elements of the 5^th EU AML Directive.  HMRC says it will take into account the short lead-in time businesses have had to implement all the new requirements in assessing the response to any non-compliance.

https://www.accountancydaily.co/hmrc-rushes-out-guidance-new-aml-regulations

The HMRC guidance is at –

https://www.gov.uk/government/publications/money-laundering-and-terrorist-financing-amendment-regulations-2019/money-laundering-and-terrorist-financing-amendment-regulations-2019

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017