The Financial Action Task Force (FATF) has produced risk-based approach (RBA) guidance to help legal professionals design effective measures to manage money laundering and terrorist financing risks. The guidance is also aimed at supervisors of legal professionals, highlighting the importance of supervising the RBA. The FATF developed this non-binding guidance with input from the legal…
The Federation of Law Societies of Canada working with government in the fight against money laundering and terrorist financing
The regulators of the legal profession in Canada and the Canadian government have embarked on a new chapter in the fight against money laundering and the financing of terrorist activities. Late last Spring Canada’s Minister of Finance announced the creation of a joint working group comprised of representatives of the government and the Federation of…
State Bar of California seeking public comments on regulatory reforms
The State Bar of California is seeking public comment on proposals for regulatory reform put forward by the Task Force on Access Through Innovation of Legal Services. The task force was set up to improve access to justice through regulatory reform, following a report in 2018 that suggested that regulation was limiting innovations which could…
LSB updates governance rules to “enhance regulatory independence”
A new set of rules have been released by the Legal Services Board (LSB), which aim to clarify the separation between representative bodies and their regulators. The internal governance rules (IGRs) have been published following a series of public consultations that first began in November 2017. The rules which were released by the oversight regulator…
Legal technology podcasts launched by LSB
As part of its mission to help legal services regulators develop approaches to technology regulation that meet the requirements of the profession and the consumer, the Legal Services Board (LSB) is compiling a bank of information resources including: research papers and podcasts created by experts in legal services and technology. Read more and access the…
New Barrister transparency rules published
The Bar Standards Board (BSB) has published new transparency rules in a revised edition of its Handbook. The new rules relate to information about the areas of law in which barristers practise, the legal services provided by barristers, the cost of services, and a client’s right to redress. This update is in response to the recommendations made…
Indemnity insurance for pro bono work
It has been suggested that the Hong Kong government could purchase a ‘Master Professional Indemnity Insurance Policy’ to cover NGOs or government departments wanting to benefit from pro bono legal services from volunteer solicitors. The current system requires any solicitor offering pro bono services in a private capacity (i.e. outside of their law firm) to seek…
Regulation of legal tech companies in Germany?
Politicians in Germany are seeking to bring in legislation which will bridge the gap between advice provided via legal tech companies and by lawyers. German laws governing the profession currently only recognise legal advice provided by lawyers, with only a few exceptions. The FDP political party is proposing the adoption of a tiered regulation model that…
SRA publishes new ‘Independent solicitor’ guidance
The Solicitors Regulation Authority (SRA) is allowing sole practitioners to register as ‘Independent Solicitors’ negating the need for them to authorise their firm as a recognised sole practice. Currently close to a quarter of SRA-regulated firms are sole practitioner firms and until this regulatory change all would have needed authorisation from the SRA. However, the new…
LSB report: ABS have had a positive impact on legal services market
The Legal Services Board’s (LSB) annual report asserts that alternative business structures (ABS) continue to have a “direct and positive impact” on the legal market. They have provided an effective structure for firms who wish to take a different approach to meeting legal need. There are now more than 1000 ABS in England and Wales. …