More than 40,000
accountants are still to register with a supervisory authority, according to a professional body.
The Money Laundering Regulations 2007 require anyone offering
bookkeeping, tax or payroll services to register as an accountancy service provider (ASP) with a recognised industry body or HM Revenue and Customs (HMRC).
Although the regulations came into force in December last year and the deadline for registration is less than three months away, David Woodgate, chief executive of the Institute of Financial Accountants (IFA), warned that thousands affected by the rules are still to act.
He acknowledged that not everyone acting as an ASP would be eligible for membership of one of the professional bodies and advised those in that situation to register with HMRC as soon as possible.
Mr Woodgate added: "Anyone trading after October 1st 2008 who is not monitored by one of the supervisory bodies or registered with HMRC will be trading illegally."
There are 21 professional organisations ASPs can register with, including the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants.
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