Reports of suspicious money transfers in UK surge 21% over year

The UK's National Crime Agency said on 24 January that it handled more than 900,000 reports of possible money laundering and terrorist financing in the financial year ending in March 2022, a 21% rise over the previous 12 months.  Its 2022 Suspicious Activity Report (SARs) Annual Report, which features statistics covering the years 2020-21 and 2021-22, revealed that almost 75% of the reports were generated from banks, while other financial institutions accounted for 13.5%. The agency further said that £305.7m was denied to suspected criminals as a result of Defence Against Money Launde...