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Anti-money laundering (AML) is now seen as a top legislative and law enforcement priority in the UK, the U.S., and Europe. The current direction of travel is the culmination of a number of ...
Introduction The UK has stepped up its anti-money laundering (AML) enforcement approach in recent months, both issuing larger fines and looking to expand the scope of activities it regulates. Historically, the UK has consistently taken a robust approach to AML, and post-Brexit, we expect this trend to continue, as the government works with other regulators internationally in combating cross-border economic crime. Brexit Pre-Brexit, the UK adopted the European Union’s extensive AML framework. However, as of 31 December 2020, the onus is now on the UK to ensure that it keeps up to date with t...
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 lea...
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.