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...

This article is part of our subscription-based access. Please pick one of the options below to continue.