The Serious Organised Crime Agency (SOCA)
The Home Secretary recently announced plans to create a new National Crime Agency, harnessing and building on the intelligence, analytical and enforcement capabilities of the Serious Organised Crime Agency (SOCA).
The exact makeup of this new agency is still under discussion and businesses are reminded that they should continue to report suspicious activities to the SOCA until further notice. This applies especially to businesses regulated by the Money Laundering Regulations. This imposes a legal obligation to take steps to identify any activity you suspect may be linked to money laundering or terrorist financing. If you know or suspect there is such a link you must report it to SOCA. If you want to proceed with a transaction that you’re suspicious of you must ask SOCA for consent.
Detailed instructions on how to report a suspicious transaction or activity can be found on HMRC’s website.