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Luton firm in record HMRC fine

08-01-2021

A record £28.3m fine has been levied on Luton-based money transfer company MT Global by HMRC, in connection with “significant” breaches of money laundering regulations over the two years between 2017 and 2019. Bright Line Law barrister Jonathan Fisher QC remarked: “This fine shows that HMRC means business in its role as anti-money laundering regulator. After a slow start, we are witnessing a gradual increase in the level of penalty imposed on firms for money laundering breaches, especially where the larger firms are involved.” Nick Sharp, deputy director of economic crime, fraud investigation service at HMRC, added: “Businesses who fail to comply with the money laundering regulations leave themselves, and the UK economy, open to attacks by criminals. Money laundering is not a victimless crime. Criminals use laundered cash to fund serious organised crime, from drug importation to child sexual exploitation, human tra fficking and even terrorism.”

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