Crime Agency Burdened As Suspicious Money Reports Rise
Law360, London (November 8, 2019, 4:49 PM GMT) -- The National Crime Agency has strengthened its staffing to cope with the rising number of suspicious transactions in Britain, but lawyers say the body still urgently needs government help.
The crime-fighting agency said 478,437 so-called suspicious activity reports were filed by banks and lawyers in the financial year to March 2019. That represents a rise from the previous record of 463,938 reports in the same period last year.
The rise has been attributed to bankers, insurers, accountants and lawyers fearing they will face criminal charges for failing to report transactions that could possibly be linked to money laundering or terrorist financing — no matter...
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