HMRC publishes list of MLR miscreants

HMRC has published its list of businesses who, over the past tax year, have not complied with their obligations under the MLRs. Over the period, there were 15 “major” penalties, including a fine of nearly £8m on a foreign exchange operator, £266,000 on an estate agency business and £23,000 on a jewellers.  The major breaches were primarily, for failure to have in place appropriate policies, systems and controls and for failure to carry out due diligence.  There were also fines on a number of trust/company service providers and accountancy services providers.  One individual has been banned from holding a position as a responsible person for a defined entity, and there were a number of minor penalties for breach of either the 2017 or 2007 version of the MLRs.

Emma Radmore