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Is It Time to Reform the Counter-terrorist Financing Reporting Obligations? On the EU and the UK System

Published online by Cambridge University Press:  06 March 2019

Nicholas Ryder*
Affiliation:
Financial Crime at Bristol Law School and Faculty of Business and Law at the University of the West of England, Bristol

Abstract

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This Article critically considers the effectiveness of the European Union's (EU) counter-terrorist financing (CTF) strategies. In particular, it concentrates on the use of financial intelligence gathered from the submission of suspicious activity reports (SARs) by reporting entities to Member States Financial Intelligence Units (FIU). The Article identifies a series of weaknesses in the United Kingdom's (UK) reporting regime: Defensive reporting, increased compliance costs, and the definition of suspicion. It concludes by making a series of recommendations that are aimed at improving the effectiveness of the EU and UK CTF reporting obligations.

Type
Articles
Copyright
Copyright © 2018 by German Law Journal GbR 

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