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HMRC are not making best use of suspicious activity reports
KEY POINTS
- Requirement to submit POCA reports are a considerable burden on regulated sector.
- Recent review shows that HMRC still have poor recording and evaluation two years after being similarly criticised.
- No figures for CoP9 recoveries are available.
- Is poor HMRC staff morale partly responsible?
When the Proceeds of Crime Act (POCA) was made law in 2002 there was an outcry from some quarters about the requirement in Part 7 that businesses within the regulated sector must report suspicions of money laundering to the authorities.
This was seen as evidence that the Big Brother state envisaged in George Orwell’s Nineteen Eighty-Four had at last arrived.
Not only must an accountant or banker or solicitor report instances of money laundering but he must also report if he so much as suspects a...
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