PREVENTING MONEY LAUNDERING IN UK LAW FIRMS – REVIEW OF UK SOLICITORS

Compliance Week on 5th March carries a short article about the Solicitors Regulation Authority’s (SRA) review, Preventing Money Laundering and Financing of Terrorism

https://www.sra.org.uk/documents/SRA/research/preventing-money-laundering-thematic-review.pdf

The review details the findings of last year’s examination of a number of UK law firms and updates the SRA 2016 report on the subject.  The review is said to have found both instances of good practice and areas for concern.  In particular, not all firms were keeping records of their decisions, and many had not made progress with putting a firm-wide risk assessment in place.  It warns that

any weakness in a firm’s systems or processes could have significant consequences.

https://www.complianceweek.com/blogs/global-glimpses/preventing-money-laundering-in-law-firms#.Wp9_R0x2ucw

Meanwhile, International Adviser highlights the comment in the SRA review that law firms are an obvious target for money launderers.

https://international-adviser.com/tighten-anti-money-laundering-safeguards-warn-sra/

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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