This report from Spotlight on Corruption says that, up to now, the legal profession has largely been allowed to regulate itself when it comes to money laundering – with AML supervision falling to 9 different professional bodies in the sector. This system is broken, it says. The report is based on a comprehensive review and analysis of existing supervisory data over the past 3 years. It says that the legal sector supervisors tasked with holding legal firms to account for breaches of the UK’s AML rules remain fragmented, with enforcement action uneven and inadequate. The report lists 5 main findings.
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