David Beaumont, who runs EYE’s free compliance helpline for our subscribers, has issued some advice to agents about the impending new Money Laundering Regulations.
He is advising agents not to worry about the deadline date of June 26.
He says that the Regulations may not even come into force on this date due to the election.
The Regulations must be laid before Parliament before coming into force. As we have no Parliament until after the election next Thursday, he cannot see the implementation of these Regulations being a top priority.
However, even if they do come into force on June 26 they are basically unenforceable by HMRC until HMRC themselves publish guidance for agents on what they will require and expect.
Producing the guidance must follow a particular process that could well take quite a few weeks or months.
So, the reality is that there will be no changes to the processes agents need to follow for some weeks or months yet, because no one really knows what specifically will be required of agents.
EYE will keep its readers informed as matters progress.
Former Trading Standards officer Beaumont runs our free compliance helpline for EYE subscribers on 0161 727 0798.