06 January 2021
Law firms have until 10 January to check if tax advice work they carry out falls within a new definition for money-laundering purposes, the Solicitors Regulation Authority (SRA) has warned
Last year’s fifth Anti-Money Laundering Directive widened the definition of ‘tax adviser’ to include any firm or individual ‘who by way of business provides material aid, or assistance or advice, in connection with the tax affairs of other persons, whether provided directly or through a third party’. Therefore, any firm caught within the new definition must have applied to the SRA or another supervisor by the deadline.
Paul Philip, SRA Chief Executive, said: ‘Firms not currently engaged by the anti-money laundering regulations will shortly be included.’
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) were amended on 10 January 2020.
