Lack of confidence

by Jonathan Fisher QC

Much concern has been generated in recent times concerning the confidentiality of a suspicious activity report (SAR) submitted by a financial institution or professional adviser to the authorities, and in particular, the Serious Organised Crime Agency (SOCA). The Proceeds of Crime Act 2002 (POCA) does not impose any express requirement to maintain the confidentiality of a SAR; indeed, section 438(1) of POCA contemplates that a SAR will be disseminated by SOCA to other law enforcement agencies (LEAs) and also internationally, to financial intelligence units (FIUs) with an interest in the subject matter of the report.