HMRCs revocation decision of Brac Sajaan’s MSB licence successfully appealed.

Abbas Lakha QC successfully appealed against HMRC’s decision to cancel Brac Saajan Exchange Limited’s registration under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Brac Saajan is a successful money service bureau which is required to register with HMRC. HMRC cancelled Brac’s registration because it believed that were widescale breaches of the Money Laundering Regulations.

In a 10 day hearing at the First Tier Tribunal, Abbas was able to demonstrate that the majority of the breaches HMRC contended were simply not made out. Focusing on the errors in approach and interpretation by HMRC and its officer Sarah Chapman, Abbas succeeded in reversing the decision to cancel BSEL’s registration and the decisions that individual officers of Brac were not fit and proper person and to impose a permanent prohibition on three officers from holding a management role.