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Seminar Invitation: Anti Money Laundering Update

The next in the Lifecycle national series of FREE training courses is taking place at a venue near you in May 2017.

This series of free seminars is taking place across the UK in May and sees Steve O’Neill, from our partner BTC, present his thoughts on the impact of the new legislation within the Money Laundering Regulations 2017 which are due to come into force later this year.

In his sessions, he will provide an overview of some of the more recent developments that will take place with the introduction of the new legislation that is due to come into effect on 26 June 2017. Continue reading

Tax advisers to send warning letters on taxing offshore assets

Offshore Assets

HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax information with other jurisdictions and urging anyone who is in doubt about their offshore tax position to seek advice

Accountants and tax advisers should also have regard for companies they act for that have an offshore or overseas shareholding, especially from recognised tax havens such as BVI or the Channel Islands. Advisers should be aware that this type of company may not have been declared to them. This again will extend to clients who may own overseas properties through overseas companies. Continue reading

People of Significant Control (PSC) Update

Incorporation Order Form

PSC’s must be provided upon Incorporation by the company, unless they have reason to believe that they don’t have any PSC’s, which will be rare.

The order form been modified to cater for these changes with the inclusion of: ‘Legal Person’, PSC Officer role and Nature of Control questions. The software suppliers have sought legal advice to ensure that the system complies with the new legislation but we understand that this may not necessarily result in the most practical of a user interface, they have already taken steps to improve the user experience and there will be further updates to the order form throughout July and August.

• You can now preview the form here: http://uat.order.efiling.co.uk/buy/standard/ Continue reading

PSC Registers Inserts

PSC Registers

We have added to our online shop inserts for Combined Company Registers purchased before April 2016 to cater for the new legislation for registers of Persons With Significant Control (PSC).

These come complete with a divider designed for the Ring binder styled combined registers. The section is divided into two parts, the first being for the information which is be disclosed when requested, the second part for the information that must not be disclosed. Included is guidance on the official wording for entries on the PSC registers

Failure to keep the Company’s PSC is a criminal offence.

 

Money Laundering Supervison

Steve O’Neill reviews the latest statement concerning Money Laundering Supervision

The UK’s supervisory approach to compliance of obliged entities to the Money Laundering Regulations were branded “woefully inadequate” and are failing to block “corrupt money” and terrorist funds, an anti-corruption body has warned.

This statement was made by Transparency International UK who went on to say billions of pounds of “dirty cash” is entering Britain every year. They state that this is partly due to a fragmented network of regulators means that only a very small amount is being investigated.

Click to read more

Fourth Anti-Money Laundering Directive

Fourth Anti-Money Laundering Directive

Over the coming weeks I will be posting a number of articles concerning the Fourth Anti-Money Laundering Directive (4th AMLD) which came into force on 26 June 2015. The United Kingdom and all other EU Member States have 2 years within which to enact its content domestically.

The UK has already started to implement some of the requirements through the roll out of the Small Business, Enterprise and Employment Act, which has now implemented two of its five roll outs.

In this first article I look at the new terminology being used for regulated business, financial thresholds and lawyers’ client accounts. These all may have an impact of the accounting professional, for example, many clients of accountants may be high value dealers or potential high value dealers who need informing of the new thresholds.

To read the article click on this link.

HMRC prepares to triple serious tax evasion prosecutions

Tax evasion and aggressive tax avoidance has been at the forefront of many recent budgets. Measures have been announced to collect more of the tax due by targeting HMRC resources to these areas.

The Financial Times (FT) today discusses a drive by HMRC to triple the number of prosecutions of serious and complex tax evaders. The crackdown announced by George Osborne in his Summer Budget will be spearheaded by the civil and criminal investigations teams at the Revenue. Continue reading

CCAB issues a reminder for practitioners to stay vigilant over money laundering

CCAB Guidance over Money Laundering

With ‘The Register of People With Significant Control’ (Beneficial Owner) legislation receiving its final tweaks before going live at the end of the year and with the 4th European Money Laundering Directive (4MLD) being passed in June, the Consultative Committee of Accountancy Bodies (CCAB) has published a useful guidance document reminding accounting service providers (obliged practitioners) of the importance of safe-guarding against money laundering. Continue reading

The EU Fourth Money Laundering Directive adopted in June 2015

The EU Fourth Money Laundering Directive (4MLD) was adopted in June 2015.

One of the main requirements which are an enhancement over the 3rd directive is that it requires all Member States to hold central registers on company beneficial ownership information from 2017. The UK has been ahead of other Member States in creating its own central register. The directive draws heavily on the UK model although there are some minor differences between the two regimes. Continue reading

Beneficial Owners Legislative Changes

Latest news Issued By Companies House concerning changes to the Companies Act for preparation of new Money Laundering Regulations requiring a public register of any beneficial owner and helping to restore trust and transparency in UK companies.

The measures include abolition of bearer shares and the restriction of corporate directors. better use of the statement of capital and a certificate of no change could see the end of the annual return for many

What?

The Small Business, Enterprise and Employment Bill is currently making its way through Parliament and contains a number of measures which together represent significant change for customers.

Why the changes?

The measures aim to

  • reduce red tape whilst increasing the quality of information on the public register
  • enhance transparency and ensure the UK is seen as a trusted and fair place to do business

 

Impact to customers?

All companies will be affected by at least some changes as the measures will change legal requirements on companies, including what they file.

In order to deliver the measures by their proposed dates, the changes will be made to existing Companies House systems and processes.  Continue reading