British investigators froze upwards of £300 million in potentially illicit funds in the fiscal year that ended in March 2022 while banks, money services businesses and other companies filed a record 901,000 suspicious activity reports to the U.K. Financial Intelligence Unit. The final reporting tally, which UKFIU disclosed in an annual report Tuesday, represents an increase of more than 20 percent from the previous record-high of 742,000 SARs submitted from April 2020 to March 2021 and nearly doubles the amount filed in the financial year that ended in March 2019, also a record at that time. The now-predictable year-on-year increases...
Banks in the United Kingdom filed a record number of "defense against money laundering" requests for the second year running amid an overall rise in the number of suspicious activity reports filed to the country's financial intelligence unit, UKFIU.
print