UK Financial Intelligence Unit (UKFIU)
The UK Financial Intelligence Unit is a part of SOCA. The UKFIU receives and analyses suspicious activity reports (SARs) concerning suspected proceeds of crime and terrorist financing in order to counter money laundering and terrorism, and makes them available to law enforcement for appropriate action. SARs contribute intelligence to existing law enforcement operations, identify the proceeds of crime, and initiate investigation into previously unknown criminal or terrorist activities. In 2005, the UKFIU received almost 200,000 SARs.
The UKFIU also includes the National Central Office for the Suppression of Counterfeit Currency (NCO) which is responsible for all matters relating to the counterfeiting of currency and protected coins.
SAR Administration and Control
- Managing the SAR regime and processing Suspicious Activity Reports (SARs) from the reporting sector
- Maintaining control of the supporting IT
- Best practice for ELMER use and ELMER feedback
- Ensuring business continuity
- Responding to CPIA and evidential obligations
Consent
- Collection, collation and dissemination of consent derived intelligence, working in partnership with LEA and the reporting sector to ensure best practice
- Developing the use of consent within LEAs and the reporting sector as an intervention tool.
Dialogue
- Providing the interface between the UK FIU and the operational stakeholders in the SAR regime including the reporting sector, regulators and SARs end users
- Provide individual feedback to stakeholders on SARs reporting standards and activity and feedback from stakeholders to the UK FIU.
Intelligence
- Pro-actively analysing SAR-derived intelligence for the purposes of strategic and tactical assessments
- Maintaining an overall view of the UK anti-money laundering picture in order to provide a context for the exploitation of SARs, to meet UK and international obligations.
International
- Meeting the international obligations of the UK FIU to the Egmont Group and other FIUs through the provision of financial intelligence upon request, both for UK LEAs and for international partners.
Terrorist Finance Team and PEPs
- Continuing the specialised approach to terrorist finance-related SARs by pro-actively analysing SAR derived intelligence. The team develops relationships with intelligence agencies and the reporting sectors in this discrete area of work.
UKNCO
- The central UK office for all matters relating to counterfeit currency and protected coins.