Simon Wilkinson, Parklane PlowdenThe Covid-19 pandemic has infiltrated every aspect of our lives. Within the courts and tribunals service there has been a plethora of guidance since March 2020 which...
Mani Singh Basi, Barrister, 4 Paper BuildingsLucy Logan Green, Barrister, 4 Paper BuildingThis article considers the interplay between private and public law proceedings, focusing on the law relating...
The Ministry of Justice has launched a consultation on the proposed transfer from Her Majesty's Courts and Tribunals Service to the Legal Aid Agency of the assessment of all civil legal aid bills of...
Law Society reminds firms to check if they need to register as doing tax advice work
Jan 28, 2021, 12:31 PM
Meta Title :Law Society reminds firms to check if they need to register as doing tax advice work
Meta Keywords :
Canonical URL :
Trending Article :
Prioritise In Trending Articles :
Jan 28, 2021, 12:29 PM
Article ID :
Law firms need to check whether they need to register doing tax advice work to fulfil their obligations under the money laundering regulations. This includes specialist family law firms.
The Fifth Anti-Money Laundering Directive brought in amended regulations, with the definition of ‘tax adviser’ widened to include more activities than before. Any firm that finds it is now in the scope of the regulations should have applied to the SRA or another AML supervisor, such HM Revenue and Customs, to be supervised for money laundering before 10 January.
The SRA has produced guidance for firms to help determine whether or not you fall within the scope of the regulations.
Even if a firm believes that they do not need to be regulated for anti-money laundering purposes they should read the guidance before being confident of this.