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Art, antique and private jet dealers are seeing thefines handed out to them being doubled in relation to last year, according to Fortytwo Data.

The average value of fines issued by HMRC jumped 166% to £1,290, as the total number of penalties dropped 23%. Overall, the total value of fines went up by 105%. From £558,000 in 2015/16 to £1,143,000 in 2016/17.

HMRC acts as the AML supervisor to sellers of jewellery, art, antiques, boats, cars and private jets, and sectors like money service business, high value dealers, trust or company service providers, unsupervised accountancy service providers and estate agents.

All these business, like banks, can file Suspicious Activity Reports (SARs), to raise red flags over possible criminal activity. The numbers of SARs yearly is still considerably low for these industries.

“I hope the dramatic rise in the value of fines is a sign that HMRC is getting tough on the weak links in our money laundering defences,” commented Julian Dixon, CEO of Fortytwo Data. “High-value dealers and those handling large transactions, particularly in unregulated industries, are a money launderer’s dream.

“Awareness of money laundering risks will be low, profits are high which encourages those who are suspicious to turn a blind eye and criminals are able to launder huge amounts of money in a single, seemingly innocuous, transaction,” he added.

by
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com
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