United Kingdom: Money transfer company hit with £24m money laundering fine by HMRC

A UK payments business has been fined a record £23.8m by HM Revenue & Customs for breaking money-laundering rules in the latest crackdown on dirty money flows by UK enforcement agencies.

HMRC said MT Global, a Luton-based money transfer company, had committed “significant breaches of money laundering regulations” between July 2017 and December 2019, including failures to conduct risk assessments and due diligence.

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.

The original full article can be found at ft.com

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