Illegal money exchange business owner ordered to pay £1m

A man who set up an illegal money service business (MSB) and bought a £700,000 house with the profits, has been ordered to pay back nearly £1m or face jail

Shunjian Jiang was arrested in August 2016 after HMRC investigators found that he was operating an unregistered and unregulated money service business.

Jiang was living in London and buying upmarket fashion items in the UK and selling them on to customers in China. His customers were purchasing the goods with the Chinese yuan and with this stream of foreign currency he started promoting his illegal sterling-to-yuan exchange service on online forums to people in the UK.

From his profits, Jiang purchased a property and maintained a lifestyle he could not legitimately afford. He has now been ordered to pay a £980,059 confiscation order within three months or face five years in jail.

Funds will be raised from assets which are currently under restraint or have been seized. These include a house, £25,000 in designer watches, £41,000-worth of designer clothes and £220,000 held in a bank account.

Nicola Dunk, assistant director, Fraud Investigation Service, HMRC, said: ‘Our work doesn’t stop at conviction and HMRC will always seek to reclaim criminal money and assets, which are redistributed into the public purse to help fund vital services such as hospitals and schools.

‘Jiang showed a complete disregard for the rules and by operating an unauthorised MSB was funding his lifestyle at the expense of honest businesses and the taxpayer. With this confiscation order we are now recovering money he made from his crime.’

Sara White |Editor, Accountancy Daily, published by Croner-i

Sara White is editor of Accountancy Daily, published by Croner-i, and in...

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