UK: NCA Warned Over Serious Flaws In Money-Laundering System


The National Crime Agency has been warned that Britain’s system for detecting money laundering and terrorist financing has such serious flaws that it risks tipping off criminals that their finances are being monitored…

BuzzFeed News has obtained submissions to the consultation from the Law Society and the Electronic Money Association, and those documents detail serious and ongoing failings:

  • A crucial database is “slow and cumbersome” and frequently crashes when lawyers and financial industry professionals try to file “suspicious activity reports” (SARs), which are the bulwark of Britain’s money-laundering defences.
  • Delays in checking transactions risk tipping off criminals that their finances have been flagged.
  • Lawyers have said that NCA officers have a lack of money-laundering knowledge.