The Money Laundering Regulations are supposed to make it harder for criminals to move or disguise the proceeds of crime. Businesses that might otherwise handle or help with money laundering - banks, casinos, accountants, lawyers - have to register and have to report suspicious activity to the Serious Organised Crime Agency.
The scope of the rules has extended over the years. From 31 July 2009 it now applies to businesses involved in property sales, such as estate agents, and to those providing consumer credit. They have until 31 January 2010 to register. Companies that deal in cash transactions with a value of 15,000 or more also have to register - that could include car dealers, builders and jewellers.
If you are supposed to be registered and you aren't, directors are exposed to unlimited financial penalties and even jail. At the moment, the authorities are not issuing heavy fines for failure to register - it's more likely to be a slap on the wrist and a reminder to do better in future. But if you think you should be registered, it's important to look into it before they do come knocking.
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