Reports up in total
Across all sectors, 478,437 SARs were made between April 2018 and March 2019, an increase of 3.13 per cent on the 2017-18 year.
Defence Against Money Laundering (DAML) requests have seen a 52.72 per cent increase on the previous year’s 22, 619. This led to £131,667,477 denied to criminals as a result of DAML requests, up 153.66 per cent on the previous year.
The introduction of Account Freezing Orders and the extension to the moratorium period enacted by the Criminal Finances Act is believed to be the reason for the significant increase in funds denied to criminals during this reporting period.
The UK Financial Intelligence Unit (UKFIU) has also launched a SARs in Action publication, aimed at all participants in the SARs regime. Each publication will focus on a specific issue relevant to the exploitation of financial intelligence to assist in preventing/detecting crime.
The full National Crime Agency report, which contains a breakdown of UKFIU’s activities for the year, and figures for SARs reports across all industries, is available from the NCA website.
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