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LNB news: HMRC issues record money laundering fine of £23.8m

08 January 2021
Categories: News , Criminal

HM Revenue and Customs (HMRC) has published a list of businesses handed fines for breaching strict money laundering regulations, including money transfer company MT Global Limited, who has been handed the ‘largest ever fine issued by HMRC’ of £23.8m for flouting money laundering regulations between July 2017 and December 2019

Lexis®Library update: The significant breaches of regulations related to poor internal controls, failure to carry out risk assessments and conduct due diligence.

HMRC has a range of enforcement powers which it can use for businesses that do not comply with money laundering regulations, including civil penalties, criminal proceedings and removal from the register. If a business fails to comply with money laundering regulations, it leaves themselves, and the UK economy, vulnerable to attacks by criminals.

This content was first published by LNB News / Lexis®Library, a LexisNexis® company, on 7 January 2021 and is published with permission. Further information can be found at: www.lexisnexis.com

Categories: News , Criminal
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