SARs are a formal mechanism by which banks, solicitors and other regulated parties can send the NCA, as the agency explains, details about “knowledge or suspicion of money laundering”.
They are not crime reports or proof of a crime, but as the NCA says, they are “a vital source of intelligence …[and] provide information and intelligence from the private sector that would otherwise not be visible to law enforcement”.
Re money going into Reform.
That’s how the legislation was drafted, yes. But that’s not how it turned out. Anything that doesn’t have jots and tittles correct is referred. There are 850,000 such references a year. For the incentive is to over-report. The penalties on a bank for not referring are huge. The costs of doing so the filling out of a form. So, the form gets filled out.
The important number is those investigated and found to be dodgy. Which is, at least as far as we know at present, zero.
But that’s not what The Guardian is running with, now is it?
I have absolutely zero knowledge of any details here but at this point my claim would be “hit job”.