Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 22 NOVEMBER 2017

Important Changes To The SAR Regime

Shoosmiths
Explore more from Shoosmiths

On 31 October 2017 Sections 10 – 12 of the Criminal Finances Act 2017 (the "Act") will enter into force, making the most significant changes to the money laundering reporting regime...

United KingdomCriminal Law
Tony Woodcock
Tony Woodcock
Alan Ward
Alan Ward

On 31 October 2017 Sections 10 – 12 of the Criminal Finances Act 2017 (the "Act") will enter into force, making the most significant changes to the money laundering reporting regime since the enactment of the Proceeds of Crime Act 2002.

The changes allow law enforcement agencies to put a transaction, which has been reported in a Suspicious Activity Report ("SAR"), "on hold" for an additional six months whilst matters disclosed in the SAR are investigated.

Firms in the regulated sector will also be able to voluntarily share information with other regulated firms, in connection with suspicions of money laundering, with a view to submitting a "joint SAR" or "Super SAR" if necessary.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

AI‑Generated Indecent Images: How The Law Is Changing And What It Means For You

The law around indecent images is evolving fast to keep up with artificial intelligence. Today’s AI tools can create incredibly realistic sexual images and videos, including of children, from scratch or by manipulating innocent photos. These “synthetic” indecent images raise urgent questions: is it illegal to make or possess them if no real child was physically harmed? What about AI “deepfakes” that put someone’s face into a sexual image?
United KingdomCriminal Law
Olliers Solicitors
Olliers Solicitors
Article

Domestic Violence Bail Conditions: What They Mean And How To Challenge Them

Domestic violence bail conditions can be far-reaching. If you are released on bail during a domestic abuse investigation, you may be required to leave your own home, to stay away from a partner or family member, and to limit contact with your children, all before any decision to charge has been made. These conditions can be challenged, and getting early advice on them matters, because they can remain in place for a long time while an investigation continues.
United KingdomCriminal Law
Olliers Solicitors
Olliers Solicitors
Article

What Does Section 172 Of The Road Traffic Act 1988 Mean For Drivers?

When police issue a Section 172 notice requiring you to identify who was driving your vehicle during an alleged traffic offence, failing to respond correctly can result in six penalty points, unlimited fines and possible disqualification. Understanding your legal obligations, available defences and the consequences of non-compliance is essential to protecting your driving licence and avoiding a criminal conviction.
United KingdomCriminal Law
JMW Solicitors LLP
JMW Solicitors LLP
Article

How Do You Complete A Section 172 Notice Form Correctly?

Understanding how to respond to a Section 172 notice is crucial for anyone involved in an alleged road traffic offence. This comprehensive guide explains the legal requirements for identifying the driver, the information you must provide, and the serious consequences of failing to comply correctly. Learn what steps to take if you cannot identify who was driving and when you should seek legal advice to protect your position.
United KingdomCriminal Law
JMW Solicitors LLP
JMW Solicitors LLP
Article

What Are The Exceptional Hardship Sentencing Guidelines?

Accumulating 12 or more penalty points on your driving licence typically triggers an automatic disqualification, but the law provides a potential avenue for relief through exceptional hardship arguments. Understanding how these sentencing guidelines work and what evidence the courts require can make the difference between keeping your licence and facing a driving ban that could profoundly impact your employment, family responsibilities and daily life.
United KingdomCriminal Law
JMW Solicitors LLP
JMW Solicitors LLP