Privilege

 

An exemption from reporting knowledge or suspicion of money laundering that came to a person in privileged circumstances was originally available only to lawyers. The legislation was amended so that, with effect from 21st February 2006, the exemption was extended to accountants, auditors and tax advisers who are members of appropriate professional bodies.

 

This means that knowledge or suspicion of money laundering that comes from information received when providing legal advice and acting in respect of litigation does not have to be reported to SOCA unless the services provided will be used in the furtherance of a criminal purpose.

 

The exemption applies only to reports of money laundering required under the Proceeds of Crime Act 2002; it does not apply to the reporting requirement under the Terrorism Act 2000.

 

The exemption is not optional; if it applies it must be lead.

 

Back to Money Laundering

 

Call KinsellaTax NOW on 0800 471 4546.

kinsella_remarketing_banner-300x250-1

We're here to help you. Call 0800 471 4546 for free confidential help and advice 24/7
or fill in your details below.





Enter captcha below:

*Please do not use this form to report suspected tax fraud or evasion or to sell your own services.

kinsella_remarketing_banner-300x250-2
Translate »