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Dealers warned over anti-money laundering crackdown

The HMRC is targeting car dealers registered as “high value dealers” to crack down on potential money laundering.

Michelle Malone, ASE tax manager, said dealers should be prepared for a call from the HMRC who will be looking to arrange a compliance visit.

Malone advises that if HMRC do not feel that the regulations are being correctly adhered to then a compliance visit may follow but the purpose of the initial call is twofold:

• To re-verify registration details and to gather additional details such as the type of goods sold
• To ensure that obligations under these rules are understood

She warns not to provide information to anyone stating that they are from the anti-money laundering team unless the call date has been pre-arranged and the identity of the caller is verified, as HMRC will confirm in writing the date that their officer will phone and no dealer will receive an unannounced call.

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