HMRC names companies fined almost GBP 24 mln for not complying to AML laws

Monday 18 January 2021 12:50 CET | News

HM Revenue and Customs has named businesses that have been fined more than GBP 23.8 million for breaking money laundering laws, as to discourage these activities to continue.

As FinTech Global shows, representatives of HMRC said that businesses who fail to comply with the money laundering regulations leave themselves, and the UK economy, open to attacks by criminals. HMRC’s intention is to help businesses protect themselves from those who would prey on their services. That includes acting against the minority who fail to meet their legal obligations under the regulations.

In 2019 to 2020 HMRC completed 2,000 interventions on supervised businesses, issued penalties totalling GBP 9.1 million and stopped 89 non-compliant businesses and individuals from trading. It also recouped over GBP 166 million from the proceeds of crime, of which more than GBP 22 million was linked to money laundering offences.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: HMRC, AML, money laundering, UK, regulations, money schemes
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech