Law firms had until 10 January 2021 to check if any tax advice work they carry out falls under a new and wider definition for anti-money laundering (AML) purposes.
The Fifth Anti-Money Laundering Directive brought in amended regulations, with the definition of ‘tax adviser’ widened to include more activities than before.
Areas now in scope of money laundering obligations include standard work in:
- estate planning
- wealth management.
Any firm that finds it is now in the scope of the regulations should have applied to the Solicitors Regulation Authority (SRA) or another AML supervisor, such HM Revenue and Customs, to be supervised for money laundering before 10 January.
If your firm has not done so, you can still apply now.