IIM runs seminars in London & Manchester on new Money Laundering Regulations

01 February 2008

The Institute of Interim Management (IIM) is running seminars in London and Manchester on 11 and 21 February 2008 to review the implications for interim managers of the government's new Money Laundering Regulations

The Institute of Interim Management (IIM) is running seminars in London and Manchester on 11 and 21 February 2008 respectively to review the implications for interim managers of the government's new Money Laundering Regulations, which came into effect on 15 December 2008.

The seminars will be held at the IoD premises in London and Manchester from 4.00 pm - 8.15 pm, cost to IIM Members £70 plus VAT (total £82.25) and for Non-IIM Members £90 plus VAT (total £105.75). Further information and bookings on-line at the IIM web site.

Two categories of Interim managers fall within the scope of the Money Laundering Regulations as members of the Regulated Sector:

• Those whose role includes providing accounting services (e.g. bookkeeping, preparation of accounts, profit/cash flow forecasts etc) and/or tax advice to their clients
• Those who operate as directors at their clients – including both those formally appointed, and those who are de facto or shadow directors within the Companies Act 2006 definition

IIM Deputy Chairman Tom Brass, one of the speakers at the seminars, emphasises: "For those interims who are affected by the Regulations, turning a blind eye to them is not an option. If they get it wrong, they face both considerable reputational risk and the attentions of the regulatory authorities. Penalties include prison sentences and/or unlimited fines. These seminars will provide an overview of this new regulatory regime, to give interims an understanding of the obligations now imposed and the key actions and issues to be dealt with."

For some interim managers, these new Regulations impose a legal requirement to register formally with HMRC as a member of the Regulated Sector, as a pre-condition of being allowed to continue in business as an Interim; and registration is not automatic – it includes a ‘fit and proper’ test. More generally, the Regulations oblige all members of the Regulated Sector to identify clients formally and monitor their transactions. And all members of the Regulated Sector are obliged to report suspicious transactions to the Serious Organised Crimes Agency (SOCA) under the Proceeds of Crime Act 2002 and/or the Terrorism Act 2000.

Speakers at the seminars are:

• Tom Brass: Tom Brass is Deputy Chairman of the Institute of Interim Management, and a chartered accountant. He became an Interim manager in 1997, following some 25 years' experience as an accountant and consultant within a "Big 4" firm serving international clients. He takes a close interest in public affairs matters affecting Interims, including legislation and regulation emanating from both Brussels and Westminster, and has been following the progress of the Regulations into UK law since they began life in 2004 as the draft EU Third Money Laundering Directive. He writes regularly on Interim matters for the Institute’s electronic newsletter, InterIM Insight, and for other publications
• Martin Eley: Following a career in financial services which included directorships in major national and international organisations, Martin Eley has been a successful independent interim practitioner for 7 years; having led and successfully delivered many innovative and high impact assignments. Martin has also been Chief Executive of a Public Corporation and directed major EU initiatives. He is committed to continuing professional and personal development, frequently attends and addresses business seminars, and is an active member of five professional institutes in addition to continuing to contribute to doctoral level academic research in collaborative management

The Institute of Interim Management (IIM) is the body which represents professional interim managers, who provide a business-to-business service and operate as independent businesses under their own company structures. Unlike part-time or temporary workers, professional interims therefore carry total responsibility for tax, insurance and other statutory or regulatory requirements. The client relationship, whether direct or through an Interim Provider, is subject to commercial law and not employment law.

Further information:

• Tom Brass tom.brass@ioim.org.uk tel: 0800 030 4716