Companies can now get a payment deferral or deregister from money laundering supervision due to Covid-19, the government has announced.
If you are a business with an annual money laundering supervision fee due between 1 May and 30 September 2020 you may be able to:
- take a payment deferral for six months from the date it is due.
- deregister if you stop trading due to coronavirus.
If you continue to operate and carry out activity covered by the Money Laundering Regulations (MLR), you must:
- stay registered with HMRC.
- meet your obligations under the MLR, to protect your businesses and the UK from criminal activity.
HMRC will send you a reminder on the date your payment is due and you can either:
- pay in the normal way.
- pay at any time up to six months from the original due date.
If you choose to defer payment, HMRC will contact you again before your new payment date.
Your company can choose to deregister and do not need to be supervised by HMRC if you have:
- temporarily closed your business due to coronavirus.
- stopped all MLR activity.
When you are ready to reregister your business you will need to make a new online application. This will set a new date for your registration and the payment of your annual fee.
You will not be able to trade again until your application has been approved if you are a:
- a Money Service Business.
- a Trust or Company Service Provider.
HMRC has pledged to prioritise your application if you choose to cancel your registration during this time.