HMRC Fails To Crack Down On Illicit Funds, Law Firm Says

Law360, London (April 9, 2019, 12:20 PM BST) -- Britain’s tax authority could be failing to crack down on businesses that are breaching the country’s anti-money laundering rules, a freedom of information request by a law firm has suggested.

HM Revenue and Customs conducted fewer than than 55 investigations for breaches of the U.K.’s money laundering regulations between 2012 and 2018, Fieldfisher LLP said on Monday. Fewer than 25 of these probes led to prosecutions being brought, according to a freedom of information request made by the law firm.

"It is hard to believe” that so few businesses from the thousands supervised by HMRC have breached rules on dirty cash,...

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