SARs in Action

IPA Insolvency Practitioner newsletter, October 2024

The latest edition of the UKFIU magazine, SARs In Action (Issue 27), is now available on the NCA website. This edition highlights key developments, including the focus following the UK’s second Economic Crime Plan, published in 2023, which outlines strategic objectives to strengthen the public and private sector response to economic crime. A central focus of the plan developed in collaboration with the National Economic Crime Centre (NECC), OPBAS, HM Government, law enforcement is to tackle professional enablers.  

Professional enablers are identified as playing a crucial role in facilitating serious organised crime, both nationally and internationally, by helping corrupt elites and crime groups conceal illicit proceeds. The UK is committed to implementing a robust, multi-faceted approach to prevent, disrupt and prosecute these enablers, while building resilience within the financial and professional services sectors.

It is essential for IPA members to remain vigilant about Anti-Money Laundering (AML) risks and ensure they have effective measures in place to identify, mitigate, and report these risks. By doing so, members contribute to safeguarding their industry and enhancing the integrity of the wider financial system therefore it is important that you review the publication and importantly consider, document and take action to address the potential risks for your work in the insolvency profession.

The contents of the magazine include:

• Cross System Professional Enablers Strategy
• Art Market Participants and Money Laudering Regulations
• The Links Between Fraud and Other Serious and Organised Crime Threats
• Case Studies
• Virtual Squatting Cell