UK Fines MT Global $32 Million for Money Laundering Breaches
Her Majesty’s Revenue and Customs (HMRC) said on Thursday it had penalized the company for failures in carrying out risk assessments, its policies, controls and procedures, due diligence and record keeping.
“Businesses who fail to comply with the money laundering regulations leave themselves, and the UK economy, open to attacks by criminals,” said Nick Sharp, HMRC’s deputy director of economic crime in the Fraud Investigation Service.
“Money laundering is not a victimless crime. Criminals use laundered cash to fund serious organized crime, from drug importation to child sexual exploitation, human trafficking and even terrorism.”
Calls to MT Global’s office in Luton, about 35 miles north of London, went unanswered.
($1 = 0.7355 pounds) (Reporting by Kirstin Ridley; editing by Mark Potter)