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Welcome to our blog for money laundering compliance issues, here we will give the latest news from supervisory bodies such as HMRC and the OFT as well as the professional bodies.
We will also bring you our comments concerning latest practice, latest cases from law enforcement and alerts from the Serious Organised Crime Agency.
We welcome your comments and feedback and where appropriate we will forward them to the relevant agencies.
Latest posts:
- 22.01.10 Fraud losses cost the UK £30bn a year
Fraud losses cost the UK £30bn a year. The National Fraud Authority (NFA) has calculated the figure for the first time and said it equated to £621 per adult in the UK. Some 58% of fraud was in the public sector, at a cost of £17bn
- 19.01.10 OFT warns of deadline for anti-money laundering registration
Estate agents and certain consumer credit lenders must register under anti-money laundering regulations before 31 January 2010 to avoid breaking the law, the OFT warned today.
- 15.01.10 Hunslet Man Arrested for Money Laundering
A 35-year-old Hunslet man has been arrested on suspicion of money laundering as part of an investigation involving the City and Holbeck Proceeds of Crime Team and the Holbeck Neighbourhood Policing Team (NPT).
- 10.11.09 SOCA publish The UK threat assessment of Organised Crime
SOCA publish The UK threat assessment of Organised Crime The UK threat assessment of Organised Crime has been published on the Serious Organised Crime ( SOCA) website
- 10.11.09 HMRC Publish Money Laundering Regulations Memorandum Trading Account
The Money Laundering Regulations supervisory regime is run on a cost recovery basis and the fees paid by customers cover the expense of running the operation. HMRC costs include registering new businesses, contacting and visiting businesses, running an effective risk system, maintaining the register and producing guidance and information for customers.
- 05.11.09 HMRC MLR Registration Fee level remains unchanged for 2010-2011
The annual fee for businesses registered under the Money Laundering Regulations 2007 will remain at £120 per premise for the year 2010 – 2011.
- 23.09.09 HMRC announce MSB online register
HMRC had recently sent out a letter to all Money Service Businesses (MSBs) to tell them about their intention to publish an online MSB register by the end of 2009. This register is currently being developed and will be called the MSB online registration check.
- 16.09.09 Four arrested connection with a £9m mortgage fraud
40 police officers have been involved in the operation in the South-East of England which has led to a number of co-ordinated searches on four houses, the business unit of a gaming company and a solicitor’s office. Police officers have seized documents from the sites searched. As a result of the raids police have arrested four men on charges of conspiracy to defraud.
- 14.09.09 HM Revenue and Customs officers arrested 21 people in raids in a multi million pound construction industry fraud.
HM Revenue and Customs officers arrested 21 people in raids in a multi million pound construction industry fraud. The arrests were made on suspicion of conspiracy to cheat the public revenue and money laundering offences under the Proceeds of Crime Act 2002. The Act was designed to take the profit out of crime, making it harder for money to be laundered and depriving criminals of their illicit wealth.
