BusinessCompany NewsTask force to deal with laundering reports

Task force to deal with laundering reports

The Home Office has accepted the recommendations of KPMG to set up a task force to beef up the system for handling suspicious activity reports about money laundering or terrorist activities filed by accountants or other financial sector professionals.

Link: Laundering reports to snowball

In a report KPMG said the new body should be chaired by a senior Home Office official, report to a government minister and be tasked with promoting the success of the SAR regime – which has contributed to a number of Law Enforcement Agency successes but could, according to the firm, be more effective.

The National Criminal Intelligence Service faces being inundated with money laundering reports once regulations in the Proceeds of Crime Act are extended to cover accountants, lawyers and other professions later this year.

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