Fewest number of suspicious activity reports in five years

In total the FIU received 2,031 SARs – a 24% decrease on the 2,656 received in 2022, and the lowest number since 2019.

A quarter of the suspected criminal activity within last year’s reports were identified as illicit trafficking in narcotic drugs and other psychoactive substances, while 24% were identified as money laundering and 23% as fraud.

The report stated that the overall decrease in SARs was predominantly due to continued outreach to the e-gambling sector, a large part of which is regulated in Alderney.

The sector saw a 36% decline in SAR submissions between 2022 and 2023.

However, it was still responsible for nearly two-thirds of the total number of SARs submitted locally last year.

The next-largest sectors responsible for submitting SARs were banks at 14%, and trust company service providers at 13%.

SARs from the banking sector increased by 46% from last year which, the report said, was understood to be in part as a result of increased sanctions in relation to the Russian invasion of Ukraine.

Half the subjects reported within SARs were resident in the UK, followed by 15% in Guernsey, 4% in Canada and 3% in South Africa.

‘There are many challenges when targeting economic and financial crime and acts of terrorism and proliferation, however by working in collaboration with other authorities, and public-private partners we can strengthen the fight against money laundering, terrorist and proliferation financing,’ said FIU head Adrian Hale.