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“Enforcement agencies are struggling with significant numbers of low quality reports and criminals could be slipping through the net.”
In 2019, the England and Wales Law Commission published a report on the UK’s anti-money laundering framework. One of the central findings in the report was that 15% of the Suspicious Activity Reports (SARs) sampled as part of the review did not meet the “suspicion threshold” and contained “… limited, or even no useful intelligence.” Processing poor quality reports is a significant drain on law enforcement’s valuable finite resources.
The report highlights that this is a systemic issue across all participants in the sector.
In this blog, we will consider the report’s findings, its recommendations and offer some practical advice on how a firm can ensure that it meets its obligations under schedule 7 of The Proceeds of Crime Act (POCA).