The Serious Organised Crime Agency (SOCA) has published the 2011
Suspicious Activity Reports Regime Annual Report on its
website.
The number of suspicious activity reports (SARs) made to SOCA
during 2011 increased by around 7,000 to 247,601.
Solicitors made 4,255 reports which is only slightly down on
2010. This makes us the sixth highest reporting sector, after
banks, money transmitters, cheque cashiers, building societies and
accountants.
Other legal sector reporters contributed to the regime, with
licensed conveyancers making 151 reports and barristers making just
4 reports for the year.
Consent SARs again remained relatively static at 13,662 reports,
with the average processing time for a consent request being 2.5
days.
While banks accounted for the highest number of consent requests
(6,763 reports) this was only 3.52% of their overall reports.
For solicitors on the other hand, who made the second highest
number of consent requests (3,291), this represented over 77% of
all reports made.
Such figures could lend support for the view that the majority
of reports made by solicitors relate to minor regulatory
infringements or previous tax irregularities, where the solicitor
is of the view that it is ethically appropriate for them to
continue with the retainer provided that the client takes steps to
rectify their previous misconduct.
The report contains a number of interesting case studies
demonstrating how SARs have been successfully used in
investigations and provides updates on improved technology being
deployed to better utilise the SARs received.
Information is also provided on the project to delete SARs over
six years in age or SARs where intelligence makes it clear the
conduct reported is not related to criminal activity.
Finally, the report provides some feedback on the level of funds
restrained, seized and confiscated and arrests made as a result of
SARs provided. Disappointingly some of the figures have decreased
since last year, but the report does not make any assessment of
whether this is due to a reduction in the quality of intelligence
in the SARs, a reduction in criminal proceeds within the UK in 2011
or a reduction in police resources to pursue asset recovery.
Read the full report