Overview International and domestic scrutiny of AML safeguards is increasing. High-profile prosecutions and regulatory action are becoming more frequent. Cross-border coordination means that businesses face an increased likelihood of enforcement actions in multiple jurisdictions when those safeguards fail. The use of AML systems to prevent tax evasion is of increasing importance to governments and regulators globally. […]

HMRC is chasing £1.9bn of unpaid taxes from the UK’s richest people, according to a report by the National Audit Office (NAO). The tax office’s specialist unit recovered £416m in 2015 from 6,500 “high net worth individuals” with a wealth of more than £20m, NAO said. However, work is ongoing to recover about £1.9bn, which […]