HMRC ramps up fines for money laundering failures

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May 7 2019

The financial services regulatory consultancy, fscom, says the value of fines imposed on businesses rose to £2.3m last year. The average size of fine went up from £1,310 in 2016/17 to £3,450 last year.

Recent Home Office figures suggest that as much as £90bn is laundered through the UK every year. HMRC and other regulatory bodies are under mounting pressure to crack down on money laundering, fscom says. As such, businesses can expect fines to continue to rise.