Tyne and Wear businesses fined for for breaching HMRC anti-money laundering rules

Hundreds of businesses across the UK which have been fined a total of £3.2 million for breaching anti-money laundering rules have been named by HM Revenue and Customs (HMRC).

The 240 supervised businesses named today were fined between 1 July and 31 December 2022 by HMRC for breaching Money Laundering Regulations aimed at preventing criminals from exploiting illicit cash.

Certain types of business are required to register with HMRC which is a supervisory body for Money Laundering Regulations.

HMRC’s work with enforcement agencies and government departments to tackle economic crime and crack down on breaches is working to stop non-compliant firms. This means that the number of money service businesses has fallen by around a third from 1,508 in 2020 to 1,049 in 2023, and the number of money service business agents has reduced from 35,507 to 30,217 in the same period.

The full list of businesses which were found to have breached restrictions.

• Elite Sales and Lettings Limited in Jesmond, Newcastle was fined £14,100 for failing to apply for registration at the required time.
• Abacus 164 Limited in Wallsend, Newcastle was fined £6,398 for failing to apply for registration at the required time.
• Barbara Ann Turner EAB in Jesmond, Newcastle was fined £4,194 for failing to apply for registration at the required time.
• Estates and Avenues Limited on Forth Lane, Newcastle was fined £2,550 for failing to apply for registration at the required time.
• Copeland Residential Sales Limited in Gateshead was fined £7,000 for failing to apply for registration at the required time.
• Purple Orange Limited EAB in Northumberland was fined £3,400 for failing to apply for registration at the required time.

None of the allocated fines were appealed.