Battle against organised crime goes online

For some time, CIMA has been working with the UK's Serious Organised Crime Authority (SOCA). This organisation is responsible for receiving and processing Suspicious Activity Reports (SAR) under the Money Laundering Regulations.

Our UK members and students will find the proceeds of crime page on the SOCA website helpful. There is a menu listed down the side of the page.
 
As well as providing SAR online registration guidance, it is also the portal for online reporting. The advantages of reporting online are:

• oneoff registration
• accessible at disparate locations
• reduced repetitive requirements with reporting fields populated with reporter details
• instant acknowledgement of receipt from SOCA
• data is immediately processed and available to end users in real time, affording live time law enforcement and intervention.

Once the provisions of S339 of the Proceeds of Crime Act 2002 (prescribed manner and form of reporting) become active, online reporting provides a compliant facility to reporters.

Feedback welcome

Other items on the website include guidance on various law enforcement activities, for example, presentation materials on subjects covered at sector specific seminars (financial reporting orders, disclosure notices etc). The pages are subject to review. We are reviewing the format and considering enhancements to the content and we welcome feedback on these. Please send an email to martin.nimmo@cimaglobal.com, or to SOCA, copied to Martin Nimmo for information.

The UK Financial Intelligence Unit (FIU) email address for SAR related queries is fiudialogue@soca.x.gsi.gov.uk.

Emails received at this address will be answered by members of the UKFIU dialogue team. It is also the address for notification of attendance at any future SOCA sector specific seminars, and any member having any SAR related issues will be contacted by return by a member of the team.

Some members have already reported that when registering, there is no reference to CIMA under 'Professional Bodies/Trade Associations'. This has been reported to SOCA, but in the meantime, you should click on 'Other'.

We have not been singled out for this treatment! At least three other CCAB bodies and four or five other accountancy sector professional bodies which are supervisory authorities do not figure.

January 2008

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