Keeping money launderers out of legal services has long been a priority of the Solicitors Regulatory Authority (SRA), however they have often failed to monitor their members effectively. Firms they regulate often handle significant amounts of money or can inadvertently help to disguise transactions through their services. This makes them attractive targets for criminals and funders of terrorism who want to launder money.
The vast majority of solicitors would be horrified to discover they had unwittingly helped money launderers; and understand that it is not a victimless crime. The SRA therefore do all they can to work with the profession and the risk of criminals using law firms for this purpose.
The problem
You and your practice must meet your AML compliance obligations under the MLR 2017.
There are criminals across the country buying property, establishing trusts, using corporate vehicles and engaging the legal sector to help them.
The challenge remains that criminals are often better equipped than practitioners and are well versed in using sophisticated techniques to launder illicit funds.
