AML Alert – Illicit finance risks from NETPs

Accountancy sector AML Alert – Illicit finance risks associated with Non-Established Taxable Persons (NETPs) acting as cross-border e-commerce traders.

We draw your attention to intelligence provided to help identify indicators relating to risks associated with Illicit finance risks associated with NETPs acting as cross-border e-commerce traders.

The attached summary AML Alert (PDF) has been produced by the Accountancy AML Supervisors’ Group (AASG) relating to a JMLIT Amber Alert published by the National Economic Crime Centre (NECC). The purpose of the alert is to raise awareness of the fact that some NETPs will be part of organised crime groups (OCGs) who are attacking HMRC’s VAT system by fraudulently registering for VAT with the aim of submitting fraudulent VAT repayment claims and stealing revenue which reduces funds available for public services.

You are also advised to refer to the National Crime Agency website page on Money Laundering & Illicit Finance for the latest news and publications relating to Suspicious Activity Reporting.

We strongly recommend that you read this document and if you come across situations that are similar to the circumstances described, refer to the reporting requirements and glossary codes to take appropriate action.

It would be useful if you could provide any feedback on the usefulness of the intelligence provided to [email protected]. Any comments provided will be treated in the strictest of confidence.

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