Professional Body Corporate Managers exempt from Money Laundering Act

The Ministry of Justice, following an application by Glaister Ennor (Solicitors) has granted an exemption for professional Body Corporate Secretaries from the new Money Laundering Legislation.

The exemption is conditional upon the Body Corporates under management being compliant with the Unit Titles Act 2010 and its accompanying regulations.  Boutique prides itself on its advice to clients in relation to governance issues and accordingly does not anticipate any risk associated with the maintaining of an exemption on an ongoing basis.

Owners should be aware that a duty does exist for notification to the police of any large cash transactions.

 

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