New regulations on money laundering came into force on 1 March and those affected need to be aware of them or risk criminal prosecution, including up to two years in prison.
While the financial services industry has been regulated for some time, the introduction of the new laws will cover a much wider group of companies, including accountants, tax advisers, auditors, lawyers, estate agents and those who accept cash payments in excess of Ђ15,000 (around Ј10,000), such as art or antique dealers.
The Money Laundering Regulations require certain businesses to implement detection and prevention procedures and comply reporting requirements. It is important to be aware that if you know or suspect money laundering is taking place means you must report it. If you do not you are committing a crime.
