Analysis

Suspicious Money Reports Pile Up With Few Fixes In Sight

Law360, London (June 21, 2019, 7:02 PM BST) -- Financial and legal service providers clamoring for an overhaul of regulatory requirements to report any whiff of suspicious financial activity didn't have much to cheer about after a new policy review fell short of proposing sweeping reforms.

In a long-awaited review Tuesday, the Law Commission, which advises British policy makers on legal reforms, blamed an unclear reporting system for high volumes of suspicious activity reports, or SARs, with limited or no useful intelligence. With everyone from bankers and insurers to accountants and lawyers afraid of facing criminal charges for failing to flag a potentially problematic transaction, understaffed authorities have been overwhelmed by a...

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