New Year’s resolutions

Signs of hope: SARs under SOCA

A lot is riding on SOCA (the Serious Organised Crime Agency), HM Government’s 4,500 person-strong response to the top level crime threats to the UK, which begins life officially on 1 April next year.This assertion holds true not least in the money laundering sphere. NCIS (National Criminal Intelligence Service) will “cease to exist”, Sir Stephen Lander, Chairman Designate of the new body, told delegates to the Financial Services Authority’s Annual Financial Crime Conference last month, as the FIU (Financial Intelligence Unit) is absorbed into the agency. Philip Robinson, FSA Sector Leader, Financial Crime, was quick to note that although SOCA has been set up to deal with high-level crime, it would still look to develop intelligence from SARs (suspicious activity reports) made on all types of crime - big or small - wouldn’t it? “Yes,” confirmed Sir Stephen. Although information may prima facie appear insignificant, it is not possible to know this for certain; it will depend on whether the recipient is able to fit it into a larger picture, he added.