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UK Eyes Link Between Big Cash Transfers, Financial Crime

Law360, London (March 13, 2018, 5:30 PM GMT) -- The U.K. government announced Tuesday that it is cracking down on individuals and businesses who use large cash transactions to take part in financial crimes such as evading tax payments and laundering money.

HM Revenue and Customs said that cash can be a problem for tax compliance because in some cases taxpayers find it difficult to keep accurate records of their transactions. But this is also because cash is used by some people to hide or disguise their taxable income by either not reporting or under-reporting...
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