August 27, 2017
A record number of suspicious activity reports (SARs) of potential money laundering and other financial crimes were made between July 1, 2015 and June 30, 2016 according to the Financial Reporting Authority’s 2015/16 annual report.
The 620 SARs represented a roughly 9 percent increase from 2014/15, and marked the fourth straight year the number of reports filed had increased, the Financial Reporting Authority stated in its annual report, which was tabled last week in the Legislative Assembly.
Most of the reports involved suspected “suspicious activity” – typically reports on accounts showing activity that is out of line with the account holder’s expected level of income – while other reports suspected fraud, corruption, money laundering and “other” financial crimes.