UK 'Still Lacking' On Ability To Probe Suspicious Finance
By Irene Madongo (June 10, 2022, 3:52 PM BST) -- Britain has taken some steps to bolster its unit for analyzing suspect transactions, but the agency still lacks the resources needed to operate robustly, a global anti-money laundering body has found.
The Financial Action Task Force raised concerns about the financial intelligence unit, or FIU, in a follow-up report published on Thursday, based on its 2018 evaluation of Britain's AML and counter-terrorist financing regime.
The Paris-based body's follow-up noted an increase in staffing levels at the unit, which receives and analyzes suspicious activity reports, or SARs, from firms such as banks and estate agents.
"However, the expansion from 81 to...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!