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AMLCTF – An acronym or a possible jail sentence paper?

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 sanctions
  • the practical impact on your practice.

Author profile:

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 2009 Current at 08 April 2009 Click here to expand/collapse more articles by David J WILLIAMS.
 

 

This was presented at 24th National Convention 2009 .

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The new R&D tax concession

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Transfer Pricing: Applying the arm’s length principle in a world without comparables

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Long live the goose - Recent cases dealing with tax concession charities

Author(s):  Jennifer BATROUNEY

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