UK: NEW AREAS OF PRACTICE AND LEGALISED CANNABIS PRESENT AML RISKS FOR LAW FIRMS

On 5 February, an article in Legal Futures reported that law firms getting into new areas of work because of the financial impact of Covid, along with handling funds generated through the legal sale of cannabis abroad, are among emerging money laundering risks, the Solicitors Regulation Authority (SRA) has warned.   It reminds one that the UK National Risk Assessment of December 2020 rated the overall risk of money laundering involving lawyers as being “high”; and says that the SRA has followed this up with a dedicated sectoral risk assessment looking at the specific risks and challenges within legal services.

https://www.legalfutures.co.uk/latest-news/sra-new-areas-of-practice-and-legalised-cannabis-present-aml-risks

THE SRA SECTORAL RISK ASSESSMENT – ANTI-MONEY LAUNDERING AND TERRORIST FINANCING IS AVAILABLE AT –

https://www.sra.org.uk/sra/how-we-work/reports/aml-risk-assessment/

 
 

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

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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