Exchange of information and financial crime in the United Kingdom

Bourton, Sam; Ryder, Nicholas; Brimblecombe, Fiona

Abstract

Can I share data with my colleagues? Can I share data with other agencies or organisations?

The ability to legally share personal data with and between government departments, law enforcement bodies and
third parties in England and Wales is a complex issue. Public sector clients has asked these questions of Synalogik many times. In response, Synalogik Innovative Solutions commissioned a study from the UK’s leading academics in this field to address these challenges.
Part 1: Sharing personal data with law enforcement bodies, between law enforcement bodies and in the context of criminal/civil investigations – examines If, how, and when such data can be shared, and how the key principles of the GPDR and the Data Protection Act 2018 do not prohibit personal data being shared with ‘competent authorities’ performing their ‘statutory duty’ in law enforcement functions.

Part 2: The four case studies demonstrate the importance of financial intelligence and information exchange in combatting financial crimes. The case studies illustrate that, in practice, there are inherent flaws in the UK’s ability to obtain and exchange information to detect and address these financial crimes. Accordingly, this paper questions the
findings of the FATF MER that apply to financial intelligence and the exchange of information and suggests that the UK does not satisfactorily comply with international standards.

Part 3: Discusses the most important and traditional AML/CTF countermeasures are the use of financial intelligence and the impact POCA, TACT, SARS and JMLIT have on Financial Terrorism. The large-scale instances of fraud and the increase in the amount of fraud demonstrates that the UK counter fraud strategy is failing are described with examples, and how financial intelligence is essential in combatting tax evasion.

Citation

Bourton, S., Ryder, N., & Brimblecombe, F. (2022). Exchange of information and financial crime in the United Kingdom. Synalogik

• Report Type: Research Report
• Online Publication Date: Oct 3, 2022
• Publication Date: Oct 3, 2022
• Deposit Date: Jan 13, 2023
• Publicly Available Date: Jan 13, 2023
• Keywords: Information exchange, Financial crime, Crime, Finance
• Public URL: https://uwe-repository.worktribe.com/output/10334558
• Publisher URL: https://synalogik.com/whitepaper/when-can-government-organisations-and-law-enforcement-agencies-share-data-and-for-what-purposes/