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UK anti-money laundering authorities report record numbers of reports
UK anti-money laundering (“AML”) authorities are receiving more Suspicious Activity Reports (“SARs”) than ever. The numbers of cases in which they are being asked to give clearance for transactions to proceed increased by over 50 per cent in 2018/19. These are the headlines emerging from the annual report of the UK Financial Intelligence Unit (“UKFIU”), the part of the UK National Crime Agency (“NCA”) responsible for receiving, analysing and acting upon SARs.