Lloyd's Law Reporter Financial Crime
HUNT V REVENUE & CUSTOMS COMMISSIONERS
[2014] UKFTT 1094, First-tier Tribunal (Tax Chamber), Judge Herrington and Sandi O'Neill, 12 December 2014
Money laundering - Registration with HM Revenue & Customs - Company service provider - Fit and proper person - Money Laundering Regulations 2007, Regulation 28
A company, Serviced Office Company Ltd, applied to HM Revenue & Customs ("HMRC") for registration as a trust or company service provider pursuant to the procedure set out in the Money Laundering Regulations 2007 ("MLR"). The company's beneficial owner, Michael Hunt, had been convicted of conspiracy to cheat the public revenue in 1993 and sentenced to a period of eight years' imprisonment. He was also disqualified from being a director for 10 years. HMRC refused the company's application, determining that Mr Hunt was not a fit and proper person for registration on the ground that his past performance in business suggested there was a higher risk of money laundering than would otherwise be the case.