Serious Fraud Office
Tell-Tale Signs: Your Role in Preventing Money Laundering by Flagging it Up
Serious and organised crime costs the UK an estimated £24bn a year and money laundering not only allows criminals to hide the proceeds of their crimes, but helps fund further criminal activity. In its latest report, the Government has set out the threats posed by money laundering and is relaunching the Flag it Up campaign to raise awareness and show how you can help stamp it out.
Headed by the National Crime Agency, Flag it Up is a joint campaign, between the Government, the legal and accountancy sectors that aims to raise awareness of the tell-tale signs of money laundering and the risks for firms and professionals from being caught in this financial crime.
Elizabeth Baker, Head of Proceeds of Crime at the Serious Fraud Office, spoke to Flag it Up about the tell-tale signs of money laundering and how you can help catch criminals trying to commit it through using Suspicious Activity Reports(SARs).
Tell-Tale Signs: It’s time to Flag it Up!
- A long term client starts making requests that are out of character
- A client repeatedly asking for services outside your or your firm’s area of expertise
- A client requesting arrangements that do not make commercial sense
SARs are the missing piece of the intelligence puzzle that you can provide. SARs are critical in tackling money laundering, serious and organised crime, corruption and fraud and provide valuable information from the private sector that would otherwise be invisible to law enforcement.
Latest News from
Serious Fraud Office
Serious Fraud Office releases guidance on Deferred Prosecution Agreements26/10/2020 13:05:00
The SFO recently (23 October 2020) published a chapter from its handbook which offers comprehensive guidance on how we approach Deferred Prosecution Agreements (DPAs), and how we engage with companies where a DPA is a prospective outcome.
SFO confirms DPA in principle with Airline Services Limited23/10/2020 11:25:00
The Serious Fraud Office has reached a Deferred Prosecution Agreement (DPA) with Airline Services Limited (ASL), subject to final approval by the court.
Future Challenges in Economic Crime: A View from the SFO09/10/2020 16:38:00
Lisa Osofsky yesterday spoke at the Royal United Services Institute.
Former Unaoil executive sentenced for paying bribes to win $1.7bn worth of contracts09/10/2020 12:33:00
Basil Al Jarah was yesterday sentenced to three years and four months’ imprisonment for paying in excess of $17m in bribes to dishonestly secure approximately $1.7bn worth of contracts in post-occupation Iraq.
SFO charges four individuals with fraud at Balli Group and Balli Steel30/09/2020 12:33:00
The SFO has charged four individuals with various fraud offences in relation to the activities of Balli Group Plc and Balli Steel Plc.
Lisa Osofsky address to the Cambridge Symposium on Economic Crime09/09/2020 14:33:00
Lisa Osofsky address given recently (07 September 2020) to the Cambridge Symposium on Economic Crime.
Three former G4S executives charged with fraud against taxpayer08/09/2020 16:15:00
The Serious Fraud Office has charged three former executives of G4S Care and Justice Services (UK) Ltd (G4S C&J) with multiple offences in relation to a multi-year scheme to defraud the Ministry of Justice (MoJ).
SFO secures £5.45m confiscation order against ex-Afren CEO and COO03/08/2020 13:05:00
The SFO recently (31 July 2020) secured confiscation orders totalling £5,450,000 against the former Chief Executive Officer and Chief Operating Officer of Afren.
SFO charges GPT and three individuals following corruption investigation31/07/2020 09:33:00
The Serious Fraud Office has brought charges against GPT Special Project Management Ltd and three individuals in connection with its investigation into allegations concerning the conduct of GPT’s business in the Kingdom of Saudi Arabia.