Money Laundering Deadline Delay
Published / Last Updated on 15/06/2008
Money Laundering Deadline Delay
HM Revenue and Customs has pushed back the registration deadline for trustees to comply with its new money laundering regulations for a second time. The deadline has been extended further so that HM Revenue and Customs can ensure the correct businesses registered. HM Revenue and Customs said “We have already allowed businesses to apply to register as a Trust or Company-Service Provider (TCSP) without penalty until 31 May 2008, we will now set a new application deadline of a minimum of 4 weeks from the date on which updated guidance is published”.
HM Revenue and Customs said it will contact any firms already registered should the new guidance affect them in any way, they also said there was no date or time frame for when this guidance would be available.
Our view
What an utter joke. Why is it that the Financial Services Industry as a whole can cope with revised Money Laundering requirements day 1 i.e. December, yet for sections handled by HMRC they again fail to keep their own deadlines.
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