In Michael Hunt v HMRC TC04183 the First Tier Tax Tribunal (FTT) considered what is meant by the term “fit and proper person” for the purposes of registration under the Money Laundering Regulations 2007. Mr Hunt applied for registration as beneficial owner of a company which provided virtual office services. HMRC advised he failed the […]

In its first AML prosecution of a high value dealer, the UK’s HMRC has fined Bedfordshire company director Grenville Eames £16,000 for failing to abide by the Money Laundering Regulations 2007. Eames’ company, JGE Commercials Limited, was also fined £16,000 and ordered to pay a confiscation order of £135,900 within three months. Eames had registered […]

The Office of Fair Trading (OFT) has published guidance updating the Anti-Money Laundering (AML) principles, which supplement the Money Laundering Regulations 2007. The principles, which were originally published in 2011, support the OFT’s supervisory functions under the Regulations, and are used by the OFT to determine its approach to non-compliance with the Regulations. Copies of […]