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Banks make 1,088 terror tip-offs | Banks make 1,088 terror tip-offs |
(10 minutes later) | |
Banks and financial institutions in the UK made 1,088 reports of possible terrorist activity last year. | Banks and financial institutions in the UK made 1,088 reports of possible terrorist activity last year. |
The figures were published in a report on Suspicious Activity Reports (SARs) by the agency that oversees them. | |
Paul Evans, who is responsible for SARs at the Serious Organised Crime Agency (SOCA), said targeting criminals' money would "hit them where it hurts". | Paul Evans, who is responsible for SARs at the Serious Organised Crime Agency (SOCA), said targeting criminals' money would "hit them where it hurts". |
There were a total of 220,484 SARs submitted for all offences in the 12 months up to October. | There were a total of 220,484 SARs submitted for all offences in the 12 months up to October. |
A report is made in the event of suspicions of money laundering or terrorist financing. | A report is made in the event of suspicions of money laundering or terrorist financing. |
SARs are a key weapons for the government in combating money laundering by terrorists and organised criminals. | SARs are a key weapons for the government in combating money laundering by terrorists and organised criminals. |
The majority of terrorism-linked tip-offs came from banks and building societies, but information was also provided by solicitors, accountants and even casino workers. | The majority of terrorism-linked tip-offs came from banks and building societies, but information was also provided by solicitors, accountants and even casino workers. |
Value for money | Value for money |
Sir Stephen Lander, chairman of SOCA, conducted a review of the SARs structure in March 2006 and subsequently published 24 recommendations. | Sir Stephen Lander, chairman of SOCA, conducted a review of the SARs structure in March 2006 and subsequently published 24 recommendations. |
At a briefing on Wednesday, Sir Stephen said all the recommendations had now been addressed. | At a briefing on Wednesday, Sir Stephen said all the recommendations had now been addressed. |
He also said the cost to SOCA of handling SARs was £7m annually, and that there were plans to enhance the department's IT capabilities at an extra cost of £10m a year - although Sir Stephen admitted that "we don't know if we've got the money yet". | He also said the cost to SOCA of handling SARs was £7m annually, and that there were plans to enhance the department's IT capabilities at an extra cost of £10m a year - although Sir Stephen admitted that "we don't know if we've got the money yet". |
Mr Evans added that the £7m cost of running the regime was value for money. | Mr Evans added that the £7m cost of running the regime was value for money. |
"SARs produces at least that amount of return," he said. | "SARs produces at least that amount of return," he said. |
"Targeting the money is vital in the fight against both criminal and terrorist activity. | "Targeting the money is vital in the fight against both criminal and terrorist activity. |
"By following the movements of illegal finance, we build knowledge of criminal organisations and hit them where it hurts." | "By following the movements of illegal finance, we build knowledge of criminal organisations and hit them where it hurts." |
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