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Record £23.8m fine for breach of money laundering regs

Money transfer company MT Global Limited has been handed the largest-ever fine issued by HMRC, £23.8 million, for significant breaches of the money laundering regulations.
HMRC said the company fell down on its risk assessments, record-keeping, controls and procedures and fundamental customer due diligence measures. Nick Sharp, of HMRC’s economic crime unit, said: “Money laundering is not a victimless crime. Criminals use laundered cash to fund serious organised crime, from drug importation to child sexual exploitation, human trafficking and even terrorism.”

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