A Nottingham man, whose business was used to launder £10 million of money obtained by criminals, has been sentenced following an investigation by HM Revenue and Customs (HMRC).
Rizvan Mian, 35, was the owner of Imperial Escrow Ltd based in Nottingham. HMRC investigations revealed that Mian had allowed his company to be used to transfer over £10 million between companies in the UK and overseas, in an attempt to hide the money’s criminal origins and
to facilitate further criminality.
Stuart Taylor, Assistant Director, Criminal Investigation, HMRC, said:
“Mian ignored his legal obligations to conduct measures to identify potential risks that his business was being used to launder money by criminals, in an attempt to hide their criminal
profits and avoid detection by law enforcement.
“Any business dealing in large cash transactions has a responsibility to report those they consider suspicious to the National Crime Agency (NCA). Anyone failing to adhere to these regulations may
find themselves subject to a range of sanctions, including criminal prosecution.”
Confiscations proceedings to recover the proceeds of the criminality will follow.
Notes for editors
1. Rizvan Mian, DOB 12/05/1979, of Edward Road, Nottingham pleaded guilty to four counts of breaching the Money Laundering Regulations 2007, when he appeared at Nottingham Crown Court on 23 July 2014. He was sentenced to five months imprisonment, suspended for two years, 180 hours
unpaid work and has been disqualified from being the director of a company for four years
2. Under the Money Laundering Regulations (MLS), HMRC ensures that relevant businesses have appropriate policies, procedures and controls in place to prevent their business from being used for money laundering. Money Laundering Regulations and guidance can also be found atwww.hmrc.gov.uk/mlr
3. HMRC’s press office on Twitter @HMRCpressoffice
4. A photograph is available at www.flickr.com/hmrcgovuk
Issued by HM Revenue & Customs Press Office
HM Revenue & Customs (HMRC) is the UK’s tax authority.
HMRC is responsible for making sure that the money is available to fund the UK’s public services and for helping families and individuals with targeted financial support.