Anti Money Laundering
Combating Money Laundering has become an issue of major concern to law firms over recent years.
The risks to firms are twofold – statutory and regulatory. The statutory provisions are to be found mainly in the Proceeds of Crime Act 2002 and the Terrorism Act 2000, as amended. Both enactments contain general offences that can be committed by any citizens – law firm personnel included – and others that are limited to the regulated sector – ie those subject to the Money Laundering Regulations 2007 (‘MLR’).
The regulatory provisions which are contained in the MLR are also an issue of professional regulation under the SRA Code of Conduct, which makes compliance with the Regulations mandatory under Outcome 7.5.
Web4Law can help firms with their compliance arrangements in respect of Money Laundering, both through our training materials and also by way of the Web4Law MLRO Compliance Manual.
Further information is available from Mike Chard or Simon Bray.