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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学经济学院、金融研究院副教授,中国反洗钱研究中心执行主...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
中南财经政法大学教授,计算机科学与技术专业工学博士,复旦大学理论...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
高增安
高增安
复旦大学中国反洗钱研究中心特聘研究员,专事反洗钱与贸易领域的研...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
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上传时间: 2021-01-13      浏览次数:610次
HMRC’s record fine for money laundering breaches

 

https://www.lexology.com/library/detail.aspx?g=a49b0972-ad9f-4452-ae6b-d25a3b1cd529

 

HMRC monitors over 30,000 businesses to ensure their compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the regulations).

 

Businesses which are found to have breached their regulatory obligations are at risk of civil and even criminal penalties. They also fall to be included in a list maintained by HMRC and published on the government’s website, which identifies the name of the business and its registered address, a brief description of the breach and the penalty received. The exception to this naming and shaming is if HMRC decide that publishing the full identity of the business would be disproportionate and it should therefore remain anonymous.

 

The latest list, published on 7 January 2021, has garnered significant attention because it contains details of the largest ever fine issued by HMRC. The recipient of this ignominious record is a money service business which was fined £23.8 million for ‘significant breaches’ between July 2017 and December 2019 relating to the carrying out of risk assessments; having the correct policies, controls and procedures; conducting due diligence; and record keeping. Although by far the largest financial penalty, it is not the first significant fine imposed on this type of business; in 2019 HMRC fined another money service business £7.8 million for failure to comply with the regulations.

 

Money service businesses have traditionally been considered a high risk area for money laundering and terrorist financing purposes because they offer customers the ability to remit cash, exchange currencies and cash cheques quickly and easily without the need to rely on banking facilities. HMRC’s decision to focus its efforts on these businesses, in conjunction with the FCA, the police and other law enforcement agencies, appears to reaping success and financial reward.