ARTICLE
29 September 2021

Niall Hearty, Of Financial Crime Specialists Rahman Ravelli, Considers The Thinking Behind Increased Resources Being Given To The UK Financial Intelligence Unit.

RR
Rahman Ravelli Solicitors

Contributor

Rahman Ravelli is known for its sophisticated, bespoke and robust representation of corporates, senior business executives and professionals in national and international matters.
It is one of the fastest-growing and most highly-regarded, market-leading legal practices in its field. This is due to its achievements in criminal and regulatory investigations and large-scale commercial disputes involving corporate wrongdoing and multi-jurisdictional enforcement, and its asset recovery, internal investigations and compliance expertise.
The firm’s global reach, experienced litigators and network of trusted partner firms ensure it can address legal matters for clients anywhere in the world. It combines astute business intelligence and shrewd legal expertise with proactive, creative strategies to secure the best possible outcome for all its clients.
Rahman Ravelli’s achievements in certain cases have even helped shape the law. It is regularly engaged by other law firms to provide independent advice.

The UK National Crime Agency (NCA) is set to more than double the number of staff at the Financial Intelligence Unit (FIU), which is based within it.
United Kingdom Criminal Law

The UK National Crime Agency (NCA) is set to more than double the number of staff at the Financial Intelligence Unit (FIU), which is based within it.

The NCA has said the FIU headcount will rise to 200 by the middle of next year. The staffing rise will be a sharp increase on the 80 employees the FIU had at the time of the UK's last Financial Action Task Force inspection three years ago.

The NCA has also disclosed that it is set to build a new IT system for the FIU to process suspicious activity reports in order to "provide additional analytical capability for investigators".

The acting Attorney General Michael Ellis referred to the proposed improvements to the FIU's resources in a speech at the Cambridge International Symposium on Economic Crime. He made it clear that he thought it was the responsibility of the government, the regulatory bodies, companies, financial institutions and law enforcement to work together to tackle the threat of economic crime.

Mr Ellis also made it clear that he believes that progress is being made in the battle against economic crime as a result of close relationships between the public and private sector. He cited a report from May this year outlining how much of the UK's Economic Crime Plan is already being delivered.

The FIU is certainly being seen as an important component in the drive against economic crime. Its increased resources indicate the value that is being placed on its work.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More