Source · Select Committees · Treasury Committee
Recommendation 34
34
Paragraph: 144
The effectiveness of SARs might be increased if banks are permitted to share information with...
Conclusion
The effectiveness of SARs might be increased if banks are permitted to share information with the National Crime Agency and other law enforcement agencies, before the suspicion threshold required under existing anti-money laundering legislation is reached.
Paragraph Reference:
144
Government Response
Not Addressed
HM Government
Not Addressed
The National Economic Crime Centre (NECC) Public Private Partnerships have two Public Private Threat Groups which are focused on Money Laundering and Fraud. These groups have focused on driving greater cooperation between a range of private partners and the NECC to which the FCA is a partner. The groups provide a channel for private partners to provide insight on emerging methodologies that they may identify. There has been work to understand how data sharing from the NECC to private partners could be increased and at a faster pace. The NECC using powers conferred by s7 Crime and Courts Act have made tactical disseminations of data to private partners via the Joint Money Laundering Intelligence Taskforce (JMLIT). However, there is the potential for greater sharing of data which would enable the disruption of serious and organised crime. One of the limitations that private partners have is that they often have a single view of individuals whereas a synthesised view of a network which may impact on multiple private partners can only be provided after the analysis of bulk SARS. We would welcome any initiatives which could help to build a system which could make these links in a more dynamic or real time environment.