Previously, the NCA has conceded that its system for monitoring suspicious financial transactions is neither effective nor efficient.
Submissions to a Home Office consultation on the issue from the Law Society and the Electronic Money Association include claims that:
- An NCA database is slow and often crashes when lawyers and financial industry professionals try to file suspicious activity reports (SARs).
- Delays in checking transactions risk tipping off criminals that their finances have been flagged for monitoring.
- NCA officers have a lack of money-laundering knowledge.
The criticism is strong evidence of the NCA’s shortcomings and can only help confirm the belief of many in legal circles that a strong, informed defence case stands a very good chance of success in any case brought by the Agency.