Question to the Home Office:

To ask the Secretary of State for the Home Department, pursuant to the Answer of 19 December 2017 to Question 118851, on Money Laundering, what steps he is taking within the reform to the SARs regime to drive up engagement with (a) Trust or Company Service Providers and (b) other reporting sectors on improvements to SAR reporting.

The Home Office and the National Crime Agency have initiated a SARs Reform Programme to deliver end-to-end improvements to the SARs regime. This will include improving the quality of SARs reporting, addressing concerns of defensive-reporting and under-reporting, enhancing the capabilities of the UK Financial Intelligence Unit, and increasing the use, exploitation and analysis of SARs by law enforcement bodies. The regulated sector have been extensively consulted and engaged in the design of the Reform Programme.

In addition, the Home Office’s ‘Flag It Up’ campaign works with the National Crime Agency and regulatory bodies in relevant professional sectors to drive engagement with best practice guidance on SARs reporting, and prevent potential involvement with money laundering activities. The NCA also engage on a regular basis with the regulated sector through the SARs Regime Committee.