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Treasury comes clean.

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PositionNews Round-Up - Cahnges to Money Laundering Regulations 2003 - Brief Article

The government has tried to ease concerns about its last-minute change to the Money Laundering Regulations 2003. The revised wording of regulation 2(2)m had prompted fears that thousands more "service provider" companies--including advertising agencies and office-cleaning firms--could be penalised if they failed to put new safeguards in place. In a letter to the UK's key accounting bodies, the Treasury noted that the regulation was designed to cover agents involved in forming new firms. It explained that its main intention was to crack down on shell companies and concluded: "Whereas the interpretation of the regulations is ultimately a matter for the...

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