MTIC VAT FRAUD FACILITATOR LOSES CONFISCATION APPEAL

6KBW on 25th February reported on a case where an experienced FX trader, an account manager at a money service bureau called Omnis FX capital, appealed against a confiscation order.  The judge had found that the appellant did not pay a leading role in the fraud and assessed his culpability as medium.  She also found that he didn’t make significant personal gain, but was primarily motivated by getting more business and commission for the company.  However, the confiscation order was based on the amount of money that went through Omnis as a result of the illegal trades for which the appellant was responsible – and not on the mere £4,200 he had made as commission.  The appeal was dismissed; while the appellant had no legal interest in the account through which he laundered the money, his criminal conduct meant that he could be said to have obtained the money and so benefited from it.

https://blog.6kbw.com/posts/weekly-digest-25-february-2019

 

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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