Arianna
01-10-2008, 09:27 AM
I have been waiting for detailed information from the Institute of Certified Bookkeepers with regards to what my legal responsibilities as a qualified bookkeeper are with regards to the new law. I have now received the information so I am just doing a quick post here to bring it to people's attnetion as it is very important.
In December 2007, new laws were passed with regards to Money Laundering and the responsibilities of financial institutions including bookkeepers and accountants.
The first bit of information that you need to be aware of, is something that we have been expecting for several years, and we are very happy about. Bookkeeping, indeed any business that offers financial services in anyway, are now classed as a “regulated profession”. This means that to legally offer such services, Bookkeepers (individually) must now have a valid practicing certificate issued by a body registered with HMRC or be registered directly with HMRC.
What this means is that the industry as a whole is now answerable to HMRC and the government under several new legislations – the prime one is the Money Laundering Act that was passed in December 2007.
Any business offering financial services must take more responsibility for understanding your business finances and you, as their client, in order to protect you, their business and the government from illegal activities that can occur.
Every registered practicioner should/will be asking you for proof of your identity and will need to verify the information every year.
You can read more information on the new laws by going to: http://www.hmrc.gov.uk/mlr/
Arianna
In December 2007, new laws were passed with regards to Money Laundering and the responsibilities of financial institutions including bookkeepers and accountants.
The first bit of information that you need to be aware of, is something that we have been expecting for several years, and we are very happy about. Bookkeeping, indeed any business that offers financial services in anyway, are now classed as a “regulated profession”. This means that to legally offer such services, Bookkeepers (individually) must now have a valid practicing certificate issued by a body registered with HMRC or be registered directly with HMRC.
What this means is that the industry as a whole is now answerable to HMRC and the government under several new legislations – the prime one is the Money Laundering Act that was passed in December 2007.
Any business offering financial services must take more responsibility for understanding your business finances and you, as their client, in order to protect you, their business and the government from illegal activities that can occur.
Every registered practicioner should/will be asking you for proof of your identity and will need to verify the information every year.
You can read more information on the new laws by going to: http://www.hmrc.gov.uk/mlr/
Arianna