Author: Syedur Rahman 2 December 2020
A record number of suspicious activity reports are being made in a bid to tackle money laundering. But Rahman Ravelli’s Syedur Rahman has explained why he thinks the system has shortcomings that cannot be ignored.
According to him, suspicious activity reports (SARs) are of use but there is a clear need for changes to be made regarding how they are issued and governed. He cites the recent FinCEN leaks as evidence of the system’s weaknesses and thinks that the banks are too slow to close down accounts with links to suspicious activity.
Syedur believes that SARs do not do enough to identify the individuals behind shell companies, meaning that those who are controlling the wealth under suspicion are often not targeted. He also wants to see a culture change in banks and financial institutions so that co-operation with the authorities is promoted in order to make the SARs regime more effective than the current box ticking exercise he considers it to be.
The rise of financial crime is, he says, an indicator of how ineffective the system currently is.
His comments formed the basis of an article in Security Matters.
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.