Overview
Global Investigations Review quoted Alex Melia in an article titled, "OFSI Investigations Rise as Reliance on Self-Reports Falls." The article discusses how The UK's civil financial sanctions enforcer saw an uptick in investigations in the past financial year, with almost a quarter of probes stemming from sources other than self-reports.
Speaking on the latest figures of cases not stemming from self-reports, Melia says, "the latest figures for cases not stemming from self-reports ring true to a growing body of anecdotal evidence suggesting OFSI is conducting more proactive investigations. She said this development dovetails with increased resourcing at the agency, as well as the recent expansion of market sectors with a mandatory obligation to report suspected breaches to OFSI to include high-value art dealers and other art market participants."
Melia continues, "They [OFSI] have been gathering intelligence provided through mandatory reporting mechanisms, and that's allowed them to identify patterns or types of activity that they want to get more information about," Melia said. "Having identified these reports as a good source for leads, the legislative framework for mandatory reporting continues to expand to new sectors."
Read the full article in Global Investigations Review (Subscription Required)
