The Government’s new Money Laundering Regulations, which come into effect on 15 December 2007, impose new and significant responsibilities on senior Interims operating at or near board level at their clients, and failure to discharge these responsibilities may involve considerable reputational risk, coupled with the attentions of the regulatory authorities, including fines and prison sentences.
The Institute of Interim Management, the body representing professional interim managers, is planning a programme of seminars between November and March to bring its members and other Interims up to speed with what they need to do.
With senior Interims becoming part of the Regulated Sector under the new Money Laundering Regulations, they join the ranks of banks and financial institutions, lawyers, accountants, tax advisers, auditors, estate agents, casinos and others who are likely to come across money laundering and be sufficiently business ’savvy’ to recognise it for what it is. There is no suggestion that they themselves have in the past been, or will in the future be, involved in laundering money.
"Change, including regulatory change, can disrupt your way of doing business if you are not very well prepared - and even then problems of interpretation of new law, changing interpretation of existing law by the authorities, or extending the range of situations that statutes can be used for may all present serious difficulties. The flow of small business related regulation has increased enormously over the last ten years," says Tony Evans, Chairman of The Institute of Interim Management, the body representing professional interim managers.
http://www.onrec.com/newsstories/18972.asp
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