MONEY LAUNDERING NEWS ARCHIVE     

 

Law Society Practice Note

Important Practice Note from the Law Society of England and Wales on the application of the Money Laundering Regulations 2007 and the measures firms will have to have in place from 15 December 2007 read more

Money Laundering Regulations 2007 and the measures firms will have to have in place from 15 December 2007 read more


Risk-based approach: Pricewaterhouse Coopers survey

Pricewaterhouse Coopers Anti-Money laundering Survey finds that 82 per cent of institutions have not achieved any cost benefits from adopting a risk-based approach to compliance. read more

FATF Guidance

FATF Guidance on the risk based approach to combating Money Laundering and Terrorist Financing read more

FATF assessment of the implementation of anti-money laundering and counter-terrorist financing standards in the UK read more

Money Laundering Regulations 2007

The new regulations have been published and take effect from 15 December 2007.

All firms must update their practices to ensure they are compliant with the new legislation.  read more

Law Society Anti-Terrorism Practice Note

Law Society note on the conflicting duties of maintaining client confidentiality and reporting terrorism 19 July 2007 read more

 

Law Society Anti Money Laundering newsletter

July issue of the newsletter download  Previous issues can be downloaded further down this page.

 

Campaign for better regulations

The Treasury is to rethink ’beneficial ownership’ provision in the draft Money Laundering Regulations 2007.

View
Gazette commentary view
Law Society press release view
Letter from Ed Balls MP with re-drafted definition view
Law Society response to the draft MLR 2007 view
Letter to Ed Balls MP view  
Counsels' Opinion supporting the Law Society's campaign view
Law Society letter to the Treasury outlining difficulties with
the definition of 'beneficial ownership' view

Fraud offences

An overview of the Fraud Act 2006 is contained in the following PowerPoint presentation from the Economic Crime Department of the City of London Police view


Client care letters and terms of engagement

The Law Society have provided approved paragraphs on firms' money laundering policies which may be adapted for use in client care letters or terms of engagement  view

EU Second Money Laundering Directive 

Commission Report on the impact of the second ML directive: Law Society comments view

City of London Report: The British Institute of International and Comparative Law (BIICL) examines the comparative implementation of the EU Second Money Laundering Directive.  
 
- Executive Summary (280kb) view     Full Report (846kb) view  


Money Laundering FAQs

The Law Society have produced a helpful list of Frequently Asked Questions in order to help solicitors and their staff understand their money laundering obligations.  The Law Society have withdrawn their dedicated Money Laundering Helpline.  For advice on money laundering problems calls us on 0870 97 49 414 or email us.


Money Laundering warning for Personal Injury Lawyers

Reports that police arrested ten people and seized £1,000,000 as part of an investigation into a gang that has allegedly been staging bogus road accidents to defraud insurance companies provide a strong message to litigation lawyers that the principal money laundering offences apply to them with full force.


SAR confidentiality

MLROs who are concerned about apparent / suspected breaches in their SAR disclosures should ring the SOCA hotline 0800 234 6657 to report their concerns. 

The Law Society advises that it is important that these breaches are reported because SOCA has promised to provide statistics in an annual report about the number of breaches.


ICAEW Technical Release: Confidentiality of Money Laundering suspicions - Sept 2006

The ICAEW issued a briefing on the prevention of disclosure of the identity of those making Suspicious Activity Reports - a continuing concerned expressed by practising accountants view


JMLSG guidance and publications 

JMLSG Guidance Notes 2006 in force from 1 September 2006, in substitution for Guidance Notes 2003 view

JMLSG's suggested structure for the MLRO's annual report for FSA registered firms which is also useful for other firms wishing to ensure AML is kept high on the management agenda view

The JMLSG document posted in January 2006 has been updated to reflect changes to the NCCT (Non-Cooperative Countries or Territories) list, and to include references to additional mutual evaluation reports view


SOCA Publications

UK Threat Assessment 2006/7 - considers the organised crime threats that the UK faces and how they they are likely to develop.

SOCA Annual Plan 2006/7 - explains how the agency will exercise its functions in the first year of operation.

Review of the Suspicious Activity Reports (SARs) regime - Sir Stephen Lander's report and recommendations on SARs and the creation of SOCA


FSA publications

Financial Risk Outlook 2007 - key risk areas present in the current business environment

Financial Crime Conference 2007 - speech by FSA's Chief Executive

Solicitors convicted of failing to report money laundering

Solicitor Philip Griffiths was sentenced to 6 months imprisonment for failing to report money laundering when objectively there were reasonable grounds to suspect it view  Mr Griffiths spoke of the ‘injustice’ he has received.  read more  The transcript is available to Lawtel subscibers - view.

Brian Dougan allowed £66,000 to pass through his client account while carrying out conveyancing work for a convicted criminal.  view