Law Society reminds firms to check if they need to register as doing tax advice work

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.