Unexplained wealth targeted in UK money laundering push

Forcing UK bank customers to explain the origin of suspicious deposits or transactions emanating from offshore jurisdictions could raise concerns over fairness and privacy, but UK regulators argue that it would be a valuable tool against money laundering

The process of completing suspicious activity reports (Sars) is complex, costly and time-consuming for compliance departments at banks and other financial institutions. It is also compulsory under the UK's Proceeds of Crime Act 2002. Yet the success of the system is very limited, with very few Sars leading to the prosecution of named wrongdoers or the seizing of their allegedly criminally obtained wealth.

Now, UK law enforcement and anti-corruption non-governmental organisation Transparency