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.
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