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FINANCIAL INTELLIGENCE

The UK Financial Intelligence Unit (UKFIU) is independently located within the National Economic Crime Command (NECC) as part of the NCA. The key function of the UKFIU is to receive, analyse and disseminate Suspicious Activity Reports (SARs) through the SARs regime.

The UKFIU has a duty to ensure that the financial intelligence available within SARs is being fully exploited in order to effectively tackle serious and organised crime, specifically within the areas of money laundering and terrorist financing.

The UKFIU aims to reduce the risk from crime to communities, businesses and individuals and increase the risk of operating in the UK for criminals. It does this by:

  • Enabling individuals and businesses to fulfil their legal obligations under POCA and TACT effectively, by providing timely and appropriate information concerning suspected money laundering, criminal property and terrorist financing to the relevant authorities;
  • Using information provided by the reporting sector to build knowledge about criminal finances and profits;
  • Using that knowledge to support effective law enforcement intervention, including recovery of criminal assets;
  • Working with foreign financial intelligence units in line with obligations set out by the Financial Action Task Force and the Egmont Group;
  • Aiming to increase the value and impact of the SARs regime.

For further information on the UKFIU and the impact of SARs in reducing crime, please visit the NCA website - https://www.nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-illicit-finance/suspicious-activity-reports

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