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Published on 13 Mar 09
by NATIONAL DIVISION, THE TAX INSTITUTE
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 has already had a significant impact on financial institutions, requiring significant changes to procedures and software systems. The second tranche of designated services will affect everyday services provided by accountants, lawyers and other professional advisers and as a result draw them into the operation of the Act. Complying with the obligations relating to the provision of designated services will result in significant additional obligations which need to be addressed early to minimise the impact. This paper covers:
the gateway – what are designated services?
the obligations: client identification; adoption of an appropriate system by the professional adviser; ongoing client due diligence; ongoing record keeping; and reporting obligations
the practical impact on your practice.
David J WILLIAMS
David Williams FTIA is a Strategic Adviser in relation to taxation matters. He has been involved in taxation matters for over 30 years, the last six as a sole practitioner, and has been tracking the evolution of the AMLCTF legislation and its likely impact on service providers for the last three years. David is the author of Investigations by Administrative Agencies. Current at April 2009Current at 08 April 2009
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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