Major rise in SARs volume and suspect funds locked - UK FIU report

The latest SARs Annual Report from the UK Financial Intelligence Unit (UKFIU), in the National Crime Agency, covers 2020-21 and 2021-22, so both the Covid-19 pandemic and implementation of sanctions following Russia's invasion of Ukraine, which, says Jonathan Grimes of Kingsley Napley, may help explain the 21% increase in suspicious activity reports, to 901,255, received in the year ending 31 March 2022.

Jonathan Grimes (+44 (0)20 7814 1234, jgrimes@kingsleynapley.co.uk) is a partner in the Criminal Litigation team at Kingsley Napley LLP.

The latest SARs Annual Report [1] from the UK Financial Intelligence Unit (UKFIU), in the National Crime Agency (NCA), covers 2020-21 and 2021-22, so both the Covid-19 pandemic and implementation of sanctions following Russia's invasion of Ukraine, which, says Jonathan Grimes of Kingsley Napley, may help explain the 21% increase in suspicious activity reports, to 901,255, received in the year ending 31 March 2022.