NCIS braced for surge in laundering reports

Link: Money laundering reports will swamp NCIS

NCIS said its assumption was that the number of money laundering reports it receives would double to around 200,000 this year, but claimed it was ready.

Nigel Coles, NCIS assistant director and head of the financial intelligence division, defended the policy of obliging accountants and others to report all suspicions of money laundering, regardless of the amount.

In an interview with the Financial Times, Coles said: ‘In terrorist cases it is relatively lesser levels of funds that support day-to-day activity.’ The compliance burden on accountants had been minimised, he claimed.

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