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…
The Solicitors Regulation Authority of England and Wales held a webinar on Anti-Money Laundering and how to conduct a risk assessment
The Solicitors Regulation Authority held an Anti-Money Laundering Webinar covering: risk assessment areas firms are getting wrong good practice in other law firms from our latest round of AML visits how to get your firm-wide risk assessments right and make it the backbone of your AML controls. The webinar is now available to watch online…
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…
Making sense of professional enablers’ involvement in laundering organized crime proceeds and of their regulation
Abstract: 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,…
Nederlandse Orde Van Advocaten, the Dutch bar, has set up a taskforce to increase support for lawyers facing risks of being used by organised crime
Nederlandse Orde Van Advocaten has set up a taskforce to better protect those working within the legal profession against threats from organised crime and illicit finance. The taskforce aims to increase the rule of law, awareness of the legal profession and improve the security of lawyers by increasing their resilience and improving safety measures. This…
The Solicitors Regulation Authority of England and Wales annual compliance officers conference goes hybrid
This key annual conference attracted 600 people to the face-to-face event, followed by more than 33,000 views of virtual sessions the following week. The programme covered topics including: Money laundering The SQE and what it means for your firm Innovation and technology – how can technology help firms spot risks and comply with regulatory obligations…
Solicitors Regulation Authority publishes new anti-money laundering report
Work carried out to make sure solicitors keep criminals from using the profession to launder money has been detailed in a new review. The SRA have published their first professional supervisor report, a recent requirement placed on all supervisors by both the Money Laundering Regulations and guidance by the Office for Professional Body Anti-money laundering…