HMRC fraud squad net £1bn from criminals

Date

Posted by

HMRC fraud squad net £1bn from criminals
Farnell Clarke

Share the article

Share on facebook
Share on twitter
Share on linkedin

Posted by

HMRC fraud squad net £1bn from criminals
Farnell Clarke

Share the article

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

HMRC fraud squad net £1bn from criminals

HMRC’s Fraud Investigation Service (FIS) was launched in April 2016. The FIS is responsible for HMRC’s civil and criminal investigations into the most serious fraud and wrongdoing. It has been estimated that tax evasion and fraud cost the exchequer up to £10bn per annum.

The formation of the FIS brought together HMRC’s criminal and civil investigators. This partnership allows HMRC’s investigators to unlock the most complex financial crimes. Since the service was established more than £1 billion has been recovered from the proceeds of crime and tax offenders. 

The FIS has been proactively pursuing the suspected proceeds of crime using enforcement powers, both criminal and civil, to disrupt the movement of cash and assets.

HMRC has reported that since 2016, more than 1,200 seizures of cash and assets have been made while on operational duty, including gold bars worth £750,000 from a passenger at Manchester Airport and £48,000 found in a freezer drawer, hidden among chicken nuggets at a house in Blackpool.

HMRC’s Director of Fraud Investigation Service, said:

‘To reach this £1 billion milestone in 5 years speaks volumes to the dedication, hard work and skill of FIS to recover the proceeds of crime from those who try to cheat the system.’

Criminal cash can be seized by HMRC officers under the Proceeds of Crime Act 2002. In addition, Account Freezing Orders can be used to freeze balances in bank accounts where it is suspected they contain criminal money.

For our other articles on HMRC and fraud warnings, read more here.

Source: HM Revenue & Customs Tue, 11 Jan 2022 00:00:00 +0100

More articles

Tax Diary February/March 2022
Tax Diary February/March 2022
January 27, 2022
1 February 2022 - Due date for Corporation Tax payable for the year ended 30 April 2021. 19 February
VAT Flat Rate Scheme exclusions
VAT Flat Rate Scheme exclusions
January 27, 2022
The VAT Flat Rate scheme has been designed to simplify the way a business accounts for VAT and in so
Who should register for Plastic Packaging Tax
Who should register for Plastic Packaging Tax
January 27, 2022
The new Plastic Packaging Tax will come into effect from 1 April 2022. The tax will not apply to any