British Gatekeeper Regulations Are In Effect

March 1, 2004, HM Treasury announced that new money-laundering regulations that expand the regulated sector came in to effect. Businesses covered by the new regulations are estate agents, casinos, insolvency practitioners, tax advisers, accountants, auditors, lawyers, company and trust formation agents and anyone conducting a business of dealing in goods (including auctioneers) accepting cash of $18,700 (?10,000) or more in a single transaction. According to UK Financial Secretary to the Treasury, Ruth Kelly: ?(t)hese regulations represent an important new development in our strategy to tackle both money-laundering and terrorist-financing, and ensuring our systems meet international standards. They have been developed in consultation with industry to ensure that excessive burden is not placed on business." Ms. Kelly explained that the integrity of the UK financial system is dependent on strong anti-money laundering measures...[more]