Valvi, E. A. (2022). The role of legal professionals in the European and international legal and regulatory framework against money laundering. Journal of Money Laundering Control, 26(7), 28-52. The aim of the present study is to shed light on the role of legal practitioners, namely, lawyers and notaries, in the fight against money laundering: Are they considered…
Lawyers as money laundering enablers? An evolving and contentious relationship
Levi, M. (2022). Lawyers as money laundering enablers? An evolving and contentious relationship. Global Crime, 23(2), 126-147. Using limited datasets and case studies drawn from the Global North and South, this article critically considers the available evidence about the involvement of lawyers in elite money laundering and attempts to control their involvement. In addition to lawyers’ lobbying…
The Solicitors Regulation Authority has published an anti-money laundering and terrorism financing risk assessment for the legal industry
The Solicitors Regulation Authority has published an anti-money laundering and terrorism financing risk assessment. The report aims to assess the risks associated with money laundering and terrorist financing in different sectors. The report provides an overview of the risks associated with different sectors, including banking, insurance, and securities. It also provides information on the regulatory…
Law Society of Scotland publishes initial AML attestation findings
The Law Society of Scotland has published its initial findings from its new AML attestation process. This is the first step in a new regime and involved selected firms to complete the new attestation document. The Law Society has found the first set of responses has highlighted some interesting points: R.21 requirements appear to be…
Legal Sector Affinity Group of the Law Society of Scotland implements updated AML guidance
The Legal Sector Affinity Group has implemented it’s updated guidance on anti-money laundering. The guidance has been approved by HM treasury. The updates reflect changes in the Money laundering, Terrorist Financing and Transfer of Funds Regulations 2017. These include: Guidance on the new requirement to carry out proliferation financing risk assessments, either as part of…
HM Treasury releases Anti-money Laundering and Countering the Financing of Terrorism: Supervision Report 2020-2022
HM Treasury has released a report : Anti-money Laundering and Countering the Financing of Terrorism: Supervision 2020-2022. The report, which was published in December 2022, reports on the activity and performance of legal pubic body supervisors in tackling anti-money laundering. The key findings in the report are as follows: inadequate documented policies and procedures inadequate…
Law Society of Scotland to introduce new anti-money laundering attestation process
The Law Society of Scotland’s Anti-money Laundering team has launched a new supervisory attestation process. This new process is set to reach practices which do not fall under the scope of the AML team’s full high risk inspection process. The new process will see the selected practices provide assurances across the 36 Key Compliance Principles…
The EU Anti-money Laundering Authority will be coming into force in 2023
A comprehensively updated EU anti-money laundering policy is set to establish the EU Anti-money Laundering Authority (AMLA) as part of its plan to tighten controls on money laundering and the funding of terrorism. The EU Anti-money Laundering Authority (is one of four legislative proposals about AML) will have a direct impact on the legal profession…
The NOvA publishes updated guidelines for lawyers and firms on anti-money laundering
The new manual outlines tools to help lawyers and law firms comply with the obligations set out in the Money Laundering and Terrorist Financing Prevention Act (Wwft). These include which lawyers are (not) subject to the Wwft, what services are subject to the Wwft and which fall under the so-called process exemption, what the customer…
Making sense of professional enablers’ involvement in laundering organized crime proceeds and of their regulation
Money laundering has ascended the enforcement and criminological agenda in the course of this century, and has been accompanied by an increased focus on legal professionals as ‘enablers’ of crime. This article explores the dynamics of this enforcement, media and political agenda, and how the legal profession has responded in the UK and elsewhere, within…