HM Revenue and Customs (HMRC) today published the latest list of businesses issued with fines for breaching strict regulations aimed at preventing criminals from laundering illicit cash.

The list includes money transfer company MT Global Limited, which has been handed the largest ever fine issued by HMRC, for significant breaches of the regulations. These violations were committed between July 2017 and December 2019. They relate to:

• risk assessments and associated record-keeping;
• policies, controls and procedures;
• fundamental customer due diligence measures.

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.

Last year, HMRC announced a £7.8 million fine against a London MSB that ignored anti-money laundering regulations. HMRC, Metropolitan Police (MPS) and the Financial Conduct Authority (FCA) also carried out a month-long crackdown in July 2019 on MSBs at risk of being used for money laundering to fund organised crime.

HMRC has a range of enforcement powers that it can use for businesses who do not comply with the money laundering regulations, including civil penalties, criminal proceedings and removal from the register.

HMRC supervises around 1,500 principal MSBs, which together have 31,000 operating premises.

The number of operating MSBs supervised by HMRC has fallen by 19% since August 2017, mostly due to continuing action to tackle the use of MSBs for the laundering of dirty money. However, the government recognises the majority of MSBs are compliant with money laundering regulations.