Related insights: Financial Regulatory
Where next for SARs? The Law Commission Consultation Paper
01 Aug 2018
It is a well-known and undisputed fact that the SARs regime under which the NCA receives countless reports either seeking consent to proceed with transactions, as defences to potential allegations of money laundering or terrorist financing or otherwise as required by AML or CFT legislation is broken and not fit for purpose. Equally though, when the Government considered getting rid of the regime, industry agreed we need it in some form. But what exactly do we need? How can it help to detect and prevent money laundering and punish criminals without causing unnecessary delays and costs to business, or result in devastating consequences for those about whom a suspicion has been raised but who turn out to be innocent?
Insights
Stay informed
