HMRC – Financial Treason & Crime

LLB EDITOR , 12 July 2021

Leading UK RegTech specialist SmartSearch has warned the UK could be left behind in the fight against money laundering and financial fraud, if it fails to coordinate with the new agency being formed by the EU.

It has emerged that the European Commission will launch the Anti-Money Laundering Authority (AMLA) as part of a raft of measures contained in its action plan, set to be revealed on July 20. Continue reading “Article: UK faces severe money laundering threats”

05/20/2021

Article: New obligations to protect UK’s art market from money laundering

Article - Media, Publications

New obligations to protect UK’s art market from money laundering

Mary-Alice Stack, 20 May 2021

The value of the UK art market is estimated at c.£10 billion per annum and represents 20% of global art trade. The size of our market share (second only to the USA, alongside China) has been long recognised as a key strength of the UK’s creative economy. But the Government’s latest National Risk Assessment from December 2020 puts it at high risk of money laundering. But what exactly is money laundering, and how does it impact on the art market?

Money laundering is the process by which the financial proceeds of criminal activity are dealt with in a way that makes those funds appear lawful. At its most basic, this can happen when criminals buy art with dirty money then resell it – or use it as collateral for a loan. Continue reading “Article: New obligations to protect UK’s art market from money laundering”

05/10/2021

Article: Pair arrested over suspected £3.4m furlough fraud

Article - Media, Publications

Pair arrested over suspected £3.4m furlough fraud

Amy Austin, 10 May 2021

Aman and a woman from West Yorkshire have been arrested as part of an HM Revenue and Customs investigation into a suspected £3.4m Coronavirus Job Retention Scheme (CJRS) fraud.

Both individuals were also arrested in relation to a suspected multi-million-pound tax fraud last month, including money laundering and VAT evasion. They have been released under investigation. More than £6m held in bank accounts controlled by the pair have been frozen by HMRC after its Taxpayer Protection Taskforce officers executed a search warrant on April 28. Continue reading “Article: Pair arrested over suspected £3.4m furlough fraud”