MONEY LAUNDERING SUPERVISION: REVIEW OF MONEY SERVICE BUSINESSES BY HMRC

On 22nd February, HMRC released its report on the review of AML compliance in the money service businesses (MSB) sector. During 2014-15, it carried out nearly 1,500 visits and “other significant contact” and the bulk of the report is based on that activity.  It outlines both good and bad practice found.  It mentions in passing that, since the end of official exchange controls, there are no official and reliable statistics for remittances to and from the UK.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/683213/AMLS_Money_Service_Businesses.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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