MONEY LAUNDERING LEGISLATION
by Applegate Accountants, Cheshire
Government
has introduced money laundering legislation. Traditionally a client has
been able to discuss their financial or tax problems with their accountant
in strict confidence. The professional advisor would not help a client to
carry out an illegal operation, and they might even refuse to continue to
act for the client, but he would certainly not report any wrong doings to
the authorities.
The new 'Money Laundering Legislation' which originally covered drug dealers and terrorists had been extended to include all crimes for gain. Money Laundering now includes retaining the procedures or any criminal offence as well as introducing the proceeds of crime into the legitimate financial system.
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In an accountancy context it is important to remember Tax evasion is a criminal
offence covered by the new money laundering legislation, because the trader
retains the money he should have paid in tax.
Therefore if a client confesses they have deliberately understated profit the accountant is now required by Law to report them to the National Criminal Intelligence service who will in turn report such activities to the Inland Revenue.
Big Brother is watching you !!!!!!!!!!
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