The National Criminal Intelligence Service is struggling to cope with the flow of information from accountants since the introduction of new Money Laundering Regulations at the beginning of the month.
Accountancy Age, 25 Mar 2004
Fear of prosecution has seen accountants flood the offices of NCIS with suspicious activity reports at a rate of 100 a day.
Extra Inland Revenue officers have been drafted in to help NCIS cope with the volume of information that needs to be sifted through to find potential cases.
The Revenue has already been forced to deny that it was looking into procuring new offices in Wales to deal with the workload, according to The Telegraph.
The regulations oblige accountants to report any client who they suspect may be involved in money laundering or fraudulent activity. Failure to do so could result in a jail term.
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