Re:City of London: Tax haven in the heart of Britain (2011)
by rahimnathwani on Thursday June 25, 2020 @03:51PM
(#23644795)
Maybe the piece of software your friend worked on did nothing but flag the transactions. But I suspect a different piece of software (or manual process) prepared a Suspicious Activity Report (SAR) and submitted it to the relevant regulator(s) (UKFIU in the UK, FinCEN in the US, ...).
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Re:City of London: Tax haven in the heart of Britain (2011)
by sprafa on Thursday June 25, 2020 @05:45PM
(#23646135)
He quit exactly because it did nothing else but flag them.
Re:City of London: Tax haven in the heart of Britain (2011)
by worik on Thursday June 25, 2020 @04:30PM
(#23645316)
How sweet! I, too am sure, they obeyed the spirit and letter of the law.
Even when the opportunity cost of doing so was in the billions...
Re:City of London: Tax haven in the heart of Britain (2011)
by jandrese on Thursday June 25, 2020 @04:51PM
(#23645545)
And honestly, what is a LEO going to do with a multi-million line report every day? About the only thing you can do is lobby parliament to have the laws changed citing these reports as evidence of a problem. Enforcement on foreign nationals is extremely difficult and expensive and the outcomes are very much in question, especially as the people doing very large scale money laundering are usually well connected with their local governments.
Re:City of London: Tax haven in the heart of Britain (2011)
by JoeSmithson on Thursday June 25, 2020 @05:35PM
(#23646002)
There aren't that many, only about 500k a year [0].
The software OP mentions probably flagged transactions internally to another team to review, any genuinely suspicious ones would have then had a SAR submitted.
[0] https://www.nationalcrimeagency.gov.uk/what-we-do/crime-thre...