Money Laundering Act 2007
Money Laundering Act 2007
In December 2007 the government introduced new legislation which made it a legal
requirement for all self-employed people offering bookkeeping, accountancy or
payroll services to be registered with an HM Treasury appointed supervisory body. It
is now illegal for anyone to trade who is not registered and any person found guilty of
trading without being registered is liable to public prosecution and unlimited fine
and/or a custodial sentence.
In the primary legislation HM Treasury appointed the International Association of
Bookkeepers as a supervisory body. This means that any students who pass the Association’s
examinations can apply for the Association’s practicing certificate and then be legally
allowed to trade. The Association will be responsible for instructing members on how to
comply with the legislation and for monitoring them on an on-going basis.
By completing your course followed by IAB examinations you can then apply to become a
self-employed bookkeeper, hold a practicing certificate and be compliant under the new
money laundering regulations. This means that you can no longer finish the course half-way
through and just set up a business.