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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements