He has been arrested by Counter Terrorism Squad..
@
Akheilos ???
Why are you asking me? When was I convicted?
The penalties you may face if you don't comply with the Money Laundering Regulations
If you can demonstrate that you have followed HMRC's Money Laundering Regulations guidance you will be protected from penalties and prosecution. However, if your business doesn't comply with the Money Laundering Regulations, HMRC can take various measures which range from warning letters to criminal prosecution.
The aim of these measures is to encourage you to comply with the regulations. The action that HMRC takes will depend on the seriousness and potential impact of the failures identified.
The penalties and criminal offences for failing to comply with Money Laundering Regulations
A penalty that HMRC imposes for failing to comply with the regulations must be appropriate for the failure and at a level that:
- is effective in encouraging compliance
- is proportionate to the failure
- dissuades non-compliance
The amount of the penalty will take account of the:
- reason for non-compliance
- seriousness of the offence
- compliance history of the business
- relative size of the business
- amount exposed to money laundering activities
To encourage compliance, HMRC will allow reductions to the penalty amount when you make an unprompted disclosure that you have breached the regulations, and you include an undertaking specifying how you intend to change this by becoming fully compliant with them. An unprompted disclosure means that you must contact HMRC before they contact you in respect of any type of enquiry or intervention.
The correct way to make a disclosure to HMRC is in writing. You can find the contact details for HMRC by following the link below.
Contact us
You can get more detailed information about the penalties for failing to comply with the Money Laundering Regulations by following the link below:
MLR1 Penalties guidance
HM Revenue & Customs: Appeals, penalties and Money Laundering Regulations
Punishment...err no idea...cant find anything online