Below is a guide for IFA members who suspect money laundering activities may be occurring among their clients:
Suspicion is subjective. It is more than mere speculation but falling short of proof based on firm evidence. A suspicion must be of a settled nature and must be based on the facts as they present themselves – that is to say you are able to point to a fact or facts which cause you to feel uneasy about the client or his transaction. It is important to keep a written note on the confidential file as to exactly why you have filed a SAR; the feeling that the client is in some way “slippery” is not enough.
Examples of when you might be suspicious about a client or transaction include:
There is a defence if:
The Legal Professional Privilege defence has been (theoretically) extended to professional advisers who are members of the IFA. A situation can enjoy legal privilege where it satisfies all three of the following criteria:
Examples of this have been suggested to include:
However, the courts do not universally accept legal professional privilege as a defence for any professional other than a lawyer. You would do well to consult a solicitor if you are in any doubt.
*Typically, you, as the client’s tax agent, bring to his attention that you believe he has more income than he is declaring to HMRC. If he does then not heed your advice in this respect, you should report him to SOCA and HMRC. You must always document client meetings of this sort carefully.
The final week the IFA Business Barometer 2013 is live!
If your a UK IFA/FTA member have your say on what has affected you and your business in the current economic clim...
Posted 23 days ago
Final week to have your say on the IFA Business Barometer 2013! What you have faced in the current economic climate? http://t.co/l1cfsDBhaE
Posted 23 days ago
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