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Wednesday, December 05, 2007

UK Money Laundering Regulations

On 15th December 2007 new regulations on money laundering will come into effect in the UK.

For money laundering purposes all 'external accountants’ must be supervised by a designated Supervisory Authority. The definition of an 'external accountant' being:

“External accountant” means a firm or sole practitioner who by way of business provides accountancy services to other persons, when providing such services.

David Willetts is regulated by the Chartered Institute of Management Accountants (CIMA), a professional body designated by HM Treasury and meets the requirements.

The Money Laundering Regulations can be read here.

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