However, the total value of fines has decreased from £121.8m in 2018-19 to a total of £53.2m in 2019/20.

In 2019-20, HMRC issued 31 fines, valued at £9m, compared to 131 fines in 2018-19, worth £1.2m.

Although HMRC’s overall enforcement action has reduced in number since the previous financial year, the average fine has risen to an average cost of £292,452, compared to £8,954 in 2018-19.

Along with its supervisory role, HMRC can also pursue prosecutions through its law enforcement powers under the money laundering rules, or the Proceeds of Crime Act 2002 (POCA) which covers money laundering offences.