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Peter Jackson (Jewellers) Ltd (TC 195)
The appellant has a jewellery business with shops in several locations. A £1,000 penalty under reg 20 of the Money Laundering Regulations 2003 had been imposed on him by HMRC on the basis that he was a high-value dealer and should have registered as such.
HMRC said that every effort had been made to ensure that traders were aware of the money laundering regulation regime before it came into force.
The appellant claimed that he had not seen any information about the new regulations, but the tribunal said it was difficult to accept this lack of awareness given the publicity and information available, as well as contact from HMRC. Ignorance of the law was not a defence.
The penalty was upheld. The taxpayer’s appeal was dismissed.
