UK Fines MT Global $32 Million for Money Laundering Breaches January 8, 2021
Britain’s tax authority has slapped a record 23.8 million pound ($32.4 million) fine on MT Global Ltd, a private money services business, for significant breaches of anti money laundering regulations.
Her Majesty’s Revenue and Customs (HMRC) said on Thursday it had penalized the company for failures in carrying out risk assessments, its policies, controls and procedures, due diligence and record keeping.
“Businesses who fail to comply with the money laundering regulations leave themselves, and the UK economy, open to attacks by criminals,” said Nick Sharp, HMRC’s deputy director of economic crime in the Fraud Investigation Service.
Britain's tax authority has slapped a record 23.8 million pound ($32.4 million) fine on MT Global Ltd, a private money services business, for significant breaches of anti money laundering regulations.
The tax office has fined a business a record amount for failing to properly follow money-laundering rules.
HM Revenue and Customs (HMRC) said it had handed a £23.8 million fine to MT Global, a money transfer business which operates in England, Europe and Canada.
The company was given the fine for “significant breaches” of regulations between July 2017 and December 2019, officials said.
The breaches revolved around risk assessments and the record keeping associated with them, policies, controls and procedures, and fundamental due diligence, HMRC said.
“Businesses who fail to comply with the Money Laundering Regulations leave themselves, and the UK economy, open to attacks by criminals,” said Nick Sharp, deputy director of economic crime at HMRC’s fraud investigation service.
Jerry Buxton Sharp.
ROCKLAND Jerry Buxton Sharp, 85 years of age, went home to be with his Lord and Savior on December 25, 2020.
Jerry is survived by his wife Gloria Sharp (Esancy) who he loved dearly for 42 years; his loving sister, Janet Marshall; and his five children, Scott Sharp and wife Gina, Nick Sharp and wife Christina, Robyn Messier, Mike Kee and wife Kathy, Chris Kee and his wife Lisa.
He absolutely adored his 13 grandchildren, Ciara, Wade, Nate, Brendan, Gabbie, Graedy, Kaeden, Emmie, Desirae, Kate, Michael and wife Lyndsey, Nicole, Gillian, and Christopher; two beautiful great grandchildren Nolan and Wyatt; nieces Cindy Dalli Cardillo and husband Mike, and Laurie Kish and husband Steve.