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HMRC internal manual

Debt Management and Banking Manual

Debt and return pursuit: Money Laundering Fees and Penalties: Introduction

Many crimes are committed for financial gain. This is particularly true of crimes such as drugs trafficking, fraud and tax evasion.

Criminals seek to protect their ill-gotten gains by “money laundering”, that is hiding, in a series of legitimate financial transactions, the source of the funds.

The Money Laundering Regulations 2007[S.I. 2007/2157] give effect to Articles 12 and 15 of the “Council Directive No. 91/308/EEC of 10th June 1991 on prevention of the use of the financial system for the purpose of money laundering”.

These regulations

  • replace the provisions of the Money Laundering Regulations 2003[S.I. 2003/3075]
  • require Bureaux de Change, Money Transmitters and cheque cashers (“the Money Service Businesses”) to register with HM Revenue and Customs
  • provide for the control of money service businesses, High Value Dealers, Trust and Company Service Providers and Accountancy Service Providers.