We are working on new guidance for law firms, which we aim to publish shortly, following the announcement of new money laundering regulations by the Treasury.
The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 have been published here:
We are reviewing the full detail of the requirements. We will then work with other regulators across the UK to provide updated guidance for law firms. Solicitors can also contact our Ethics Guidance helpline if they have queries.
Robust anti-money-laundering arrangements are important and a priority for the sector, law firms and the global economy. We expect law firms to comply with their legal obligations and are urging law firms to familiarise themselves with the new regulations as soon as possible, and take action to comply.
However, we recognise the short lead-in time businesses have been given to implement the new requirements. We will take a proportionate and pragmatic approach as firms take steps to comply with the new requirements.
Money laundering is a priority risk for us. Further information is available here: