The annual registration fee for businesses registered under the Money Laundering Regulations 2007 will increase from £95 to £120 with effect from 1 June 2009. The sectors affected are Money Service Businesses, High Value Dealers, Trust or Company Service Providers and Accountancy Service Providers not supervised by a designated professional body such as the ICAI.

Introduced in 2002, the fee was initially set at £100, and was subsequently reduced to £60 from June 2003. There were no changes until 1 June 2007, when the fee was increased to £95; this level was maintained in 2008.

Increased costs in running the Money Laundering Regulations supervisory regime are cited as the reason for the fee increase. However, at a time when all businesses and service providers face the challenge of cost cutting, a £25 hike in this annual registration fee is ill-timed at the very least.

Registered Money Service Businesses, High Value Dealers, Trust or Company Service Providers or Accountancy Service Providers (not supervised by a designated professional body), will be issued with a fee renewal notice MLR 113 reflecting the increased fee.

Further details are available at http://www.hmrc.gov.uk/mlr/ml-annual-reg.htm