Financial sanctions reporting obligations: what accountants need to know

The new financial sanctions reporting obligations have implications for accountants and tax advisers. Anna Bradshaw, partner at law firm Peters & Peters LLP, considers the impact of the new rules and how to ensure clients do not breach the requirements

As of 8 August 2017, the EU Financial Sanctions (Amendment of Information Provisions) Regulations 2017 extended the information provision requirements previously confined to regulated financial institutions to a broad range of ‘relevant businesses and professions’, including firms and sole practitioners who provide accountancy services or advice about the tax affairs of others.

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