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penalties

The pent-up energy in the US government is being released apace. And, of course, the Inland Revenue Service is required to find the money the government needs and, as the shutdown demonstrated, it really doesn't hold much in reserve. And so, within hours of getting back to work, the IRS has issued a warning notice about something employers must do by.., oh, yes, today.

CoNet Section: 

According to a report in Business Insider, Mark Hayward, CEO of National Association of Estate Agents told the newspaper that “Fines are not publicly being made known but, anecdotally, we know they are significant,” The Money Laundering Regulations 2017 are at the heart of the HM Revenue and Customs action but The Criminal Finances Act also comes into play. The report refers to "fines" of "millions."

In an excellent, and enterprising, initiative, New York has used some USD58 million of the vast fines and penalties it has applied to foreign banks to help in an innovative crime prevention scheme aimed at young people who, in the absence of help, are more likely to rob banks than to work in them.

 


 

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