HMRC has published its latest list of businesses for the tax year 2019 to 2020 that have not complied with the 2017 money laundering regulations.
Following the initial revelation by Purplebricks in its 2019 annual report that it was in discussions with HMRC about certain aspects of non-compliance with AML legislation, the 2020 annual report stated that:
“Regrettably, the Group incurred a fine from HMRC for historical breaches of certain aspects of the UK’s anti-money laundering legislation. We have since improved our antimoney laundering controls.”
There has been considerable speculation about the extent of the fine imposed by HMRC and now the figure can be confirmed as £266,793.
An HMRC spokesperson said:
“Money laundering funds serious and organised crime and costs the UK economy billions of pounds every year. The money laundering regulations are a vital line of defence against that.
“We’re here to support businesses in protecting themselves from criminals who would prey on their services.
“That also means taking action against the minority who fail to meet their legal obligations under the regulations and in doing so invite abuse.”
In 2019 Countrywide was fined £215,000 for similar breaches of AML.