coxadmin
15th July 2010, 18:14
Would a treasurer of a small minor political party have to be registered under the Money Laundering Regulations? I have tried Google but have not come up with anything so far.
Many thanks.
Scalloway
16th July 2010, 19:24
This is a thread from Accounting Web where the main query is about Money Laundering but includes the quote from David Winch who is an authority on the matter.
http://www.accountingweb.co.uk/anyanswers/money-laundering-or-not
It seems to me that you are acting as treasurer personally rather than as a part of your business. If so you are not within the 'regulated sector' when acting as treasurer. It follows that, in that capacity, you are not subject to the Money Laundering Regulations 2007 or the statutory obligation under s330 PoCA 2002 to report suspicions of money laundering by others. You are only under a statutory duty to report your own money laundering.