Archive for the ‘SOCA - Latest News’ Category
04/02/09 Birmingham Anti-Money Laundering Conference
Posted by: BTC in General News & Cases, SOCA - Latest News on February 4th, 2009
Businesses in the Birmingham area are invited to a FREE one day conference to learn how to safeguard themselves against serious organised crime and money laundering.
The event, run by ‘Payback’ and hosted by the UK Financial Intelligence Unit of SOCA, will be held on Thursday March 12 at the National Motorcycle Museum, Birmingham and is aimed at small and medium sized businesses that are covered by the Money Laundering Regulations.
Such businesses – by their very nature – are vulnerable to abuse by those attempting to launder the proceeds of crime, and the aim of the conference is to make businesses more aware of their role in identifying any suspicious activity taking place during their day-to-day work, thereby making a difference in reducing harm caused to communities by serious organised crime and also protecting their business.
The programme of event is specifically designed to reflect the needs of those within an organisation that have a working interest in combating money laundering, to ensure their business is compliant, to share ideas and help mitigate against the possibility of criminals using businesses to launder the proceeds of crime.
The day will run from 9.30am ton 4.30pm and anyone interested should contact fiudialogue@soca.x.gsi.gov.uk for an application form. It is a first come, first served basis.
Visit the BTC website for compliance help and support for firms in the regulated sector.
Q. When do I submit a SAR to SOCA?
Posted by: BTC in General Information & FAQ's, SOCA - Latest News on October 4th, 2008
The Proceeds of Crime Act 2002 expanded, reformed and consolidated the UK’s criminal money laundering offences. Most of the offences under the Act apply to all individuals and businesses in the UK, however, some apply only to those doing business in the ‘regulated sector’.
A SAR should be made as soon as the knowledge or suspicion that criminal proceeds exist has arisen, especially if consent may be required, or at the earliest opportunity thereafter.
SOCA’s preferred method for reporters to submit their suspicion is the SOCA Suspicious Activity Report Form. SOCA prefers these forms to be submitted electronically but hardcopy versions of the forms (including Limited Intelligence Value Reports) can be found on the SOCA website or obtained directly from SOCA. These can then be posted to the address below. Hardcopy consent requests should be faxed to 0207 238 8286.
If you currently submit by post but would like to report electronically visit the SAR Online System or alternatively contact the Money.web support team
Acknowledgement Letters
SOCA will not acknowledge any SAR sent by fax, post, or by letter. Electronic submissions through money.web, bulk submission or through the SAR Online system, will receive an acknowledgment which will include an automatically generated ELMER reference number.
If you have submitted a consent request, the Consent Team will contact you directly with the decision by telephone within the seven day notice period, and then post the appropriate letter to you as confirmation.
If you have any queries relating to acknowledgments please write to the SAR Team at UKFIU, PO BOX 8000, London, SE11 5EN.
Visit the BTC website for compliance help and support for firms in the regulated sector.
Assets Recovery Agency Merges into SOCA
Posted by: BTC in AML Legislation updates, SOCA - Latest News on April 4th, 2008
The Serious Crime Act 2007 extends the Civil Recovery and Taxation powers of the Assets Recovery Agency to SOCA and, also, the Civil Recovery powers to the major prosecuting bodies. This is a significant step towards mainstreaming the powers across law enforcement agencies. The Act also provided for the merger of ARA and SOCA, with the effect that from 1st April 2008, SOCA will undertake civil recovery and tax investigations in England and Wales and Northern Ireland.
Those cases that are currently the responsibility of ARA will be transferred to SOCA and the current casework will continue to be supported. Whilst other agencies are developing their civil recovery capabilities, SOCA will continue to provide support to law enforcement agencies by taking on cases referred to it, where the use of civil recovery and tax powers would be in the public interest.
What Remains the Same?
Where a law enforcement agency or prosecution authority has a criminal case after 1st April, which it has been unable to prosecute successfully; it will be able to refer it to SOCA to consider adopting it for civil recovery and/or assessing for tax. It must meet the following criteria:
• Recoverable property must have been identified and have an estimated value of at least £10,000
• Recoverable property must include property other than cash or negotiable instruments (although cash is recoverable if it is in addition to other property)
• There must be evidence of criminal conduct that is supported to the civil standard of proof, i.e. on the balance of probabilities.
Civil Recovery and Taxation (through the Proceeds of Crime Act) in Northern Ireland will be undertaken by SOCA. SOCA will retain the capacity to provide support to partners in Northern Ireland to support the ministerial assurances that there will be no reduction in the resource available for asset recovery in Northern Ireland. In Scotland, Civil Recovery powers will still be exercised by the Civil Recovery Unit of the Crown Office.
The Confidential Hotline for Civil Recovery and Tax in Northern Ireland is 028 0931 5039.
ARA’s power to issue tax assessments where the income can be linked to criminality will also transfer to SOCA. This means that SOCA and HM Revenue and Customs will be able to co-ordinate their efforts to recover criminal profits and bring criminals within the tax system.
SOCA will also maintain the Joint Asset Recovery Database (JARD) which records asset recovery information for all law enforcement activity across the UK and provide support to financial investigators on using the service.
Visit the BTC website for compliance help and support for firms in the regulated sector.
