MLR - Like Topsy "It just growed"

System

By the end of March 2004 AccountingWeb reported that:<BR><BR>Accountants swamp NCIS with money laundering reports <BR><BR>The National Criminal Intelligence Service (NCIS) and the Revenue have been swamped by a huge inflow of reports from accountants about their clients who they suspect may be involved in money laundering or tax evasion since the money laundering regulations came into force on 1 March. <BR><BR>The Daily Telegraph reports that the sudden increase in reports has strained the resources of NCIS and has forced the Revenue to review its resources. <BR><BR>More Revenue staff have been drafted in to work alongside NCIS officers who initially sift the information before passing on potential tax cases they think merit further scrutiny. A Revenue spokesman denied suggestions that the department was already looking for new offices in south Wales to handle the extra workload. <BR><BR>The Revenue said the work would be handled in two offices and provide a "valuable source of intelligence to uncover tax evasion". <BR><BR>Accountants have been reporting possible money laundering cases to NCIS at the rate of 100 a day since the new rules mean they now have an obligation to report suspicious financial behaviour by clients.<BR><BR>Don't forget to send in your Reports by Recorded Delivery.<BR>