HMRC has published the first report on its anti-money laundering supervisory activities and wider role in tackling financial crime, covering the two financial years from 2015 to 2017. The supervised sectors are:
money service businesses;
estate agency businesses;
accountancy service providers;
trust or company service providers;
high value dealers; and
bill payment service providers and IT/digital payment service providers.
Key achievements highlighted in the report were:
an increase in the number of businesses on HMRC’s register from 18,000 to over 27,000 during the last six years, spread over 80,000 premises;
over 3,700 direct interventions conducted;
over 12,000 participants in HMRC’s educational webinars;
1,153 penalties imposed in 2015/16, with a value of £558,432 (including registration penalties having a lower penalty value than compliance penalties);
895 penalties imposed in 2016/17 with a value of £1,171,679 (representing a higher proportion of compliance penalties);
£26.9m of criminal proceeds recovered in 2015/16 (£6.5m from money laundering) and £24.9m in 2016/17 (£6.2m from money laundering); and
30 convictions in 2015/16 and 42 in 2016/17 for POCA money laundering or MLR regulatory offences.
Read ‘Tackling financial crime in the supervised sectors 2015-2017’ at https://bit.ly/2JG714g.
HMRC has published the first report on its anti-money laundering supervisory activities and wider role in tackling financial crime, covering the two financial years from 2015 to 2017. The supervised sectors are:
money service businesses;
estate agency businesses;
accountancy service providers;
trust or company service providers;
high value dealers; and
bill payment service providers and IT/digital payment service providers.
Key achievements highlighted in the report were:
an increase in the number of businesses on HMRC’s register from 18,000 to over 27,000 during the last six years, spread over 80,000 premises;
over 3,700 direct interventions conducted;
over 12,000 participants in HMRC’s educational webinars;
1,153 penalties imposed in 2015/16, with a value of £558,432 (including registration penalties having a lower penalty value than compliance penalties);
895 penalties imposed in 2016/17 with a value of £1,171,679 (representing a higher proportion of compliance penalties);
£26.9m of criminal proceeds recovered in 2015/16 (£6.5m from money laundering) and £24.9m in 2016/17 (£6.2m from money laundering); and
30 convictions in 2015/16 and 42 in 2016/17 for POCA money laundering or MLR regulatory offences.
Read ‘Tackling financial crime in the supervised sectors 2015-2017’ at https://bit.ly/2JG714g.
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