MoneyGram is a global leader in cross-border P2P payments and money transfers. MoneyGram’s innovative cross-border platform provides millions of consumers globally the ability to send money home for family and friends to pick up in cash or receive directly to a bank account, mobile wallet or card. With over 440,000 retail locations and five billion digital endpoints, MoneyGram provides one of the most robust digital and physical money movement networks in the world.
As a business, we are committed to complying with tax laws and practices in all territories in which we operate, including the UK. Ensuring that the correct amount of tax is paid in a timely manner is one of our core responsibilities. We therefore disclose all relevant facts and circumstances to the tax authorities in an open, transparent, and constructive manner.
This policy applies to all MoneyGram group subsidiaries based in the UK and is underpinned by the following principles and key components:
1. Tax Risk Management
Given the nature of our business, the interpretation of tax law may from time to time give rise to risks in relation to our compliance arrangements. We proactively identify, assess, and manage tax risks and account for them appropriately. Risk management measures and compliance controls are implemented to monitor our processes. Where uncertainty or complexity exists, we may seek external professional advice.
2. Tax Planning
We engage in responsible and efficient tax planning that supports the commercial and economic substance of our business and reflects the tax laws of the jurisdictions in which we operate. We do not engage in artificial tax arrangements and adhere to all applicable tax laws, with the aim of minimizing the risk of disputes and uncertainty.
Entities are established in jurisdictions that are appropriate for our business activities, taking into account the regulatory environment and local requirements.
Transactions between MoneyGram group companies are conducted on an arm’s-length basis in accordance with OECD principles. We proactively monitor legislative developments and maintain up-to-date transfer pricing documentation.
3. Commitment to Compliance
We take tax compliance seriously and are committed to complying with all applicable laws and practices in the UK. Paying the correct amount of tax in a timely manner is paramount to meeting our compliance obligations. We ensure full and accurate disclosure of all relevant facts and circumstances to the tax authorities and claim reliefs where available.
4. Relationships with Tax Authorities
We engage with tax authorities through transparent and constructive dialogue, with the aim of building and maintaining strong working relationships. While we are prepared to litigate where we disagree, we will first seek to resolve disputes collaboratively in order to achieve certainty and agreement.
5. Governance
Our Global Head of Tax oversees our approach to tax and is responsible for implementing our tax policies and procedures, as well as ensuring that the tax team has the appropriate skills and experience. This tax strategy is approved by the relevant internal board(s), and governance over tax matters is aligned with our broader corporate governance framework.