United Kingdom: UK crime agency urges deeper reform of illicit funds tracking system

The UK’s National Crime Agency has called for deeper reform of the system for flagging potential money laundering, citing a tendency towards low quality or unnecessary reports in last year’s record number of submissions.

Banks, accountants, lawyers and other companies filed 573,085 suspicious activity reports (Sars) in the year to March 2020 to alert the UK authorities to suspected money laundering, terrorist financing and other crimes, an increase of 20 per cent on the previous 12 months.

Sars are a key tool in the global fight against the tide of dirty money: the NCA estimates around £100bn in illicit funds passes through the UK or British entities each year. But the reporting regime has attracted criticism for generating a large number of low-quality or unnecessary warnings.

The original full article can be found at ft.com

(Photo: Dan Kitwood/Getty Images)

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