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.
Barclays has partnered with accounting software company Xero to provide businesses with access to transaction data through its direct feed.
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
Xero unveiled its expanded global partner programme at Xerocon South, the accounting technology conference in Australasia
Accountancy software firm Sage has been hit by a data breach which may have compromised the personal details and bank account details of as many as 300 UK businesses