Proceeds of Crime
(asked on 21st May 2018) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many prosecutions HMRC have initiated as a result of breaches of the (a) Proceeds of Crime Act 2017 and (b) Money Laundering Regulations 2007 and 2017 by Trust and Company Service providers.
In 2017/18 HMRC secured 46 Positive Charging Decisions against individuals for POCA money laundering or regulatory offences from the relevant prosecution authorities. Of these 46, three were individuals associated with Trust and Company Service Providers, seven were individuals associated with other regulated business and the remaining 36 were individuals where the money laundering was part of wider criminality.
This reflects HMRC’s multi-faceted role in identifying and tackling money laundering, including abuses of businesses it supervises under the Money Laundering Regulations.
Prosecution is but one option available to HMRC, and as part of its wider remit, also focuses on supervisory interventions to ensure businesses are complying with their obligations.
The actions HMRC takes to discharge those supervisory responsibilities and it wider role in tackling financial crime, are described in a recent publication ‘Report on Tackling Financial Crime in the Supervised Sectors 2015-2017’
HMRC has a strong track record of tackling those who have evaded their responsibilities or those who have facilitated tax evasion and is successful in over 90% of prosecutions.