The FSA and National Criminal Intelligence Service (NCIS) have agreed to closely co-operate in ...
The FSA and National Criminal Intelligence Service (NCIS) have agreed to closely co-operate in fighting financial crime. The partnership was agreed this week, which has also seen reports emerge that record numbers of suspicious financial transactions have been reported to the UK authorities fighting money laundering.
The (NCIS) received 18,408 disclosures from the financial sector to its Economic Crime Unit (ECU) topping last year's statistics by more than 25%.
Carol Sergeant, Managing Director of the FSA, said: "I am delighted to sign this partnership agreement with NCIS. The FSA will work closely with NCIS in the future to combat the threat of financial crime and, in particular, money laundering. I am particularly pleased to have this agreement in place before the FSA gains a new anti-financial crime objective and new powers from 30 November this year."
John Abbott, Director General of NCIS said: "This important agreement reflects the increasing focus on anti-money laundering activities that NCIS has long supported. The resulting closer relationship with the FSA will ensure that investigations into financial crime, breaches of regulations and mainstream money laundering are progressed effectively."
Professionals can report suspicions of money laundering to the authorities and disclosures are not treated as a breach of any duty of confidentiality to a client.
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