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Crime: Money-laundering and Terrorist Finance

Volume 715: debated on Thursday 26 November 2009


My honourable friend the Parliamentary Under-Secretary of State for the Home Office (Alan Campbell) has today made the following Written Ministerial Statement.

I have placed in the Library of the House the third annual report to Home Office and HM Treasury Ministers on the suspicious activity reporting (SAR) regime to combat money-laundering and terrorist financing. The reporting system is a key element in the United Kingdom’s defences against money-laundering and terrorist financing.

The report has been prepared by a multi-agency committee under the chairmanship of the Serious Organised Crime Agency (SOCA), which includes the financial services sector, police, other law enforcement agencies, and the Financial Services Authority.

The Government note the continuing progress that SOCA and the other participants are making to ensure that the reporting system is operating so as to help deter, detect and disrupt those involved in these crimes and in holding them to account. The Government also welcome the committee’s development of a long-term strategy to increase the value and impact of the SAR regime.

The overall goal is a SARs system that addresses the threats to the UK from crime and terrorism, contributes to the reduction of harm and the recovery of the proceeds of crime while minimising the costs of compliance to industry and others.