Author: Syedur Rahman 21 January 2021
With a record number of suspicious activity reports (SARs) being made in a bid to tackle money laundering, Rahman Ravelli’s Syedur Rahman wrote about the system’s shortcomings.
In his piece, which has just been published by Accountancy Daily, Syed argues that the way SARS are issued and governed is in urgent need of change.
He cites the failings highlighted by the FinCEN leaks in late 2020. According to him, there needs to be two main changes: SARs need to be more effective in identifying the individuals behind shell companies and corporations must to do more to enhance suspicious activity reporting, and promote a culture of change as a means of achieving this.
Syed makes the point that financial crime is on the rise, despite the existing preventative measures and the increasing numbers of SARs being filed.
He believes that the authorities need to adapt to the evolving nature of financial crime and devise new ways of tackling it. According to him, the current situation where banks meet their obligations and complete their “tick box’’ exercises is doing very little to stop the proceeds of crime being laundered on a vast scale.
Syed's article featured on Accountancy Daily.
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, civil recovery, cryptocurrency and high-stakes commercial disputes.