Enforcers Bag £172M In Dirty Money Under Reporting Regime
Law360, London (November 19, 2020, 5:14 PM GMT) -- The British agency responsible for processing reports of suspicious transactions helped law enforcement deny criminals £172 million ($227 million) in the last financial year, the National Crime Agency said Thursday.
The Financial Intelligence Unit, which sits within the NCA, has handled a growing number of so-called defense against money laundering notifications. Such requests led to £172 million being denied to suspected criminals between April 2019 and March 2020, a 31% rise on the previous year's £132 million.
The notifications, known as DAMLs, are part of the crime agency's suspicious activity reporting regime: organizations such as banks, law firms, accountants and estate agencies...
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