UK will not relax Anti-Money Laundering Regime
The government of the United Kingdom has said that it will not relax the country’s anti-money laundering reporting regime, however a House of Lords committee has asked to do so.
In July, the home affairs subcommittee of the House of Lords select committee on the EU made an inquiry into money laundering and the financing of terrorism legislation. It said that the legislation should be amended in order not to prosecute failure to report a suspicious transaction based on a minor criminal offence.
The government responded that it prefers so-called “the all-crimes approach” and that, if the House of Lords’ proposal was made law, some valuable intelligence opportunities might be missed.
According to the UK’s government, individuals who submit a suspicious activity report (SAR) to the Serious Organised Crime Agency (SOCA) for the 1st time will be given one-to-one guidance on how to do this. Their SAR will be examined by SOCA, and feedback will be provided.