Regional Office for Capacity Building for the World Customs Organization Europe Region

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On 7 January 2021, HM Revenue and Customs (HMRC) published the latest list of businesses handed fines for breaching strict regulations aimed at preventing criminals from laundering illicit cash.

HMRC works closely with partner law enforcement agencies and government departments to reduce the criminal abuse of the sector through tightened registration, greater understanding of the risks, and joint periods of concerted action focussing on those MSBs at greatest risk of being used by organised crime.

In 2019 to 2020 HMRC completed 2,000 interventions on supervised businesses, issued penalties totalling £9.1 million and stopped 89 non-compliant businesses and individuals from trading. It also recouped over £166 million from the proceeds of crime, of which more than £22 million was linked to money laundering offences – sending a very clear message that crime doesn’t pay.


Source & full text: HMRC