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16 Dec, 2007 New Money Laundering Regulations now in place The Money Laundering Regulations 2007 came into force on 15th December 2007. Businesses are now required to have in place risk-based systems and controls to help prevent money laundering and criminal financing. The new Regulations extend the supervisory responsibilities of HM Revenue and Customs to addional businessesfrom the following dates: Money Service Businesses                                    1 Feb 2008 Trust or Company Service Providers                     1 Apr  2008 Accountancy Service Providers                              1 Jul   2008 Further guidance may be found at http://www.hmrc.gov.uk/mlr All Regulated Firms are required to carry out fit and proper tests on all people that they do business with including sole proprietors, partners in a partnership, directors of a company, significant shareholders in a company and the nominated officer of the business. We would reccommend that a record of the risk assessment and verification records including source of funds be retained and periodically reviewed. Back to News