OTHER NEWS

Money Laundering Law Changes

The money laundering regulation 2003, came into force on 4/3/2004.

This has two important imports on Accountants and Solicitors.

1. Any acts of wrongful doing with the Customs and Excise , Inland Revenue or third party. We are obliged to initially liase with the clients on such Inland Revenue errors , to encourage them to come clean and pay the shortfall.

We are obliged to report to a central crime unit any routine matters that are not able to be resolved, or on more serious occasions to advise the central crime unit without even liasing with the client.

2. Unfortunately, client privilege has been reviewed and we will have to operate in a manner whereby staff and myself are not advised of any untoward matters, for off the record advice, which we would then be obliged to report.

The staff are liable up to 7 years imprisonment and the situation would be more long term for myself , if any matters were not properly reported.

On a general basis any clients that receive cash typically in excess of 15,000 Euros, are bound by new regulations and need to review passports, and take great care before accepting such large sums.

Kindly contact the firm for full details (view), if this situation applies for your business.