How HMRC and FCA are tackling tax fraud and money laundering

How are HMRC and the Financial Conduct Authority tackling tax fraud and money laundering? The City watchdog has unleashed a wave of tax crackdowns as part of a broader effort to double down on enforcement against evasion and fraud. That’s according to data shared with City AM from the law firm Reed Smith, which revealed that the Financial Conduct Authority, or the FCA, the financial regulator, carried out eight raids in 2023 and another eight in 2024. Meanwhile, the number of HMRC raids has been going up and up, with as many as 648 in the last financial year. This is all part of a big government push to ‘Close the Tax Gap’ – and it’s a politically convenient approach for Rachel Reeves, who is overseeing an economy with razor-thin fiscal headroom. Read more of the story here 👇 https://www.cityam.com/city-watchdog-and-hmrc-stepping-up-enforcement-as-number-of-raids-surge/ Get more of City AM 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: www.linkedin.com/company/cityam