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Accountants must register under new rules

Businesses required under new regulations to identify money laundering and terrorist financing have until 30 September to register, says Revenue & Customs. Those involved are defined as Trust or Company Service Providers (TCSPs) and Accountancy Service Providers (ASPs). Under the Money Laundering Regulations, introduced in December 2007, accountants and others handling client money must register with the Revenue unless they are already supervised by a professional body or the Financial Services Authority. Mark Tibbitts, Revenue deputy director of money laundering regulations, said: 'We need TCSPs and ASPs to send in their forms by 30 September 2008 so we can finalise the register and target our resources at the important job of ensuring that businesses' anti-money laundering controls are effective.' Forms and guidance can be downloaded from the Revenue website and a helpline will also assist customers.
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