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British banks could be exempted from having to report marginally suspicious transactions if a swath of reforms pitched by the U.K. Law Commission sees adoption. In a 222-page study, the advisory panel recommended streamlining national anti-money laundering laws to reduce the number of low-value suspicious activity reports filed to the U.K. Financial Intelligence Unit, or UKFIU, and help law enforcement agencies target the most serious crimes. “Enforcement agencies are struggling with a significant number of low-quality reports and criminals could be slipping through the net,” Law Commissioner David Ormerod said Friday in a statement accompanying the report. “We’re determined to...