Firms and freelance solicitors have until Sunday 10 January to check whether any of their tax advice work falls within the new definition for money-laundering purposes.
If it does, the firm should make an application to the regulator or other anti-money laundering supervisor, before then, to be supervised for money laundering – or stop undertaking such work.
The definition of ‘tax adviser’ for the purposes of money laundering was widened in scope under the EU’s fifth Anti-Money Laundering Directive (AMLD5) (now transposed into UK law).
A tax adviser is now “a firm or sole practitioner who by way of business provides material aid, or assistance or advice, in connection with the tax affairs o...
