Record £23.8 million fine for Luton firm breaching money laundering regulations

MT Global Ltd, based on Crawley Road, has been handed the largest ever fine issued by HMRC for significant breaches of regulations between July 2017 and December 2019.

The seven breaches relate to:

> Risk assessments and associated record-keeping;

> Policies, controls and procedures;

> Fundamental customer due diligence measures.

Nick Sharp, deputy director of the fraud investigation service at HMRC, said:“Businesses who fail to comply with the money laundering regulations leave themselves, and the UK economy, open to attacks by criminals.

“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.

“We’re here to help businesses protect themselves from those who would prey on their services.

"That includes taking action against the minority who fail to meet their legal obligations under the regulations as this record fine clearly shows.”