POCA Success: £170k cash returned to MSB

Our client, a regulated money service business (MSB) providing currency exchange services, had some £170,000 in mixed currencies seized by HMRC under the Proceeds of Crime Act 2002.

We prepared our client’s detailed explanation and collated banking records, customer KYC documentation, and receipts from its wholesale cash suppliers that traced the detained cash and evidenced our client’s legitimate business activities.

In December 2023, following our concerted efforts and representations, HMRC confirmed it was satisfied that the cash was not linked to any unlawful conduct and returned the cash to our client.

David Bloom represented this MSB and is regularly instructed by corporates and individuals in relation to POCA freezing and forfeiture applications.