Law360 (February 4, 2021, 2:57 PM EST) -- Last month, HM Revenue & Customs revealed that MT Global Ltd., a money services business in Luton, England, received a record fine of £23.8 million (approximately $32.5 million) for breach of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
The fact that a large penalty has been issued to a money services business, or MSB, will come as no surprise to those familiar with HMRC's efforts to crack down on the industry. This article examines the roots of that crackdown and discusses what lessons can be learned from this, the largest ever penalty issued for...
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