Britain’s Revenue and Customs Agency: A Central Piece of the Country’s Anti-Money Laundering Puzzle

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With the UK government increasingly professing its willingness to clamp down on dirty money, one of its priorities is to ensure that UK-based professional services providers – sometimes known rather pejoratively as ‘professional enablers’ – do not facilitate money laundering. Although it is perhaps better known as Britain’s tax collection agency, Her Majesty’s Revenue and Customs (HMRC) carries key functions in this effort.

Quite apart from its taxation role, HMRC is one of no fewer than 25 different anti-money laundering (AML) supervisors, which are responsible for ensuring that regulated firms in the UK comply with their AML obligations, such as performing due diligence on their customers or submitting suspicious activity reports. The majority of these AML supervisors are professional associations, such as the Institute of Chartered Accountants in England and Wales or the Law Society of England and Wales, who supervise their members. The Financial Conduct Authority (FCA) and the Gambling Commission are the AML supervisors for their regulated firms. This mix of statutory supervisors and self-regulatory bodies is a striking feature of the UK’s AML regime.

Read the original article here: rusi.org


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