7:48 am
At the start of the New Year, the UK’s tax authority, HM Revenue and Customs (HMRC), issued a series of punitive fines – including its largest-ever punitive sum – against businesses that had breached strict anti-money laundering regulations.
One of those hit by a record fine was a money transfer company. HMRC concluded that the MSB (Money Service Business) had committed serious regulatory breaches in 2017 and 2019. It was fined £23.8 million ($32.4 million), a significant dent in anyone’s budget and profits (the fine is subject to an ongoing appeal).
As the
Financial Times wrote in response to the news:
“The penalty is by far the largest fine by HMRC, which together with the Financial Conduct Authority and National Crime Agency, is battling to stem a tide of dirty money flowing through the UK. A national risk assessment of money laundering and terrorist financing published by the government last month estimated that ‘hundreds of billions of pounds’ were laundered in the UK every year.”