Author: Azizur Rahman 3 March 2021
With HM Revenue and Customs (HMRC) having fined a UK payments company a record £23.8M for breaching money laundering rules, Rahman Ravelli’s Aziz Rahman wrote an article about the case’s significance.
In his piece, which was published by Accounting Practice, Aziz explains that the fine imposed on money transfer firm MT Global is so much bigger than previous HMRC penalties. He believes that it has to be seen as an indicator of HMRC’s determination to tackle money laundering failures.
With HMRC supervising 30,000 businesses for anti-money laundering purposes, he urges those companies to take note of the MT Global fine and ensure they are meeting all their money laundering obligations.
If any of these companies do not know how to meet these obligations, they should seek advice from those with the relevant expertise. Aziz emphasises that while some of these companies may see such action as unnecessary or costly, the approach being taken by the HMRC means they are unlikely to be treated leniently if they do fail to comply with the money laundering rules.
Aziz's article featured in Accounting Practice Magazine. (Subscription required)
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.