Money laundering

Keeping the profession free of money laundering is in everyone’s interest. It is a key way of disrupting serious crime - crime that funds everything from terrorists to people traffickers. It is not a victimless crime.

Money laundering is a priority risk for us, and we have long warned on the dangers of allowing launders to use the profession.

Money laundering information

We have published information on money laundering, which you can refer to.

We have produced guidance that incorporates the latest Government regulations, which were published in June.

We have developed a risk assessment for the legal sector.

We have issued four warning notices on money laundering, reminding everyone in the profession of their obligations.

We carried out a thematic review of law firms to see if they are doing enough to prevent money laundering. This follows our 2018 thematic review of how firms are operating in light of the new Government regulations, identifying good and poor practices.

These documents add to previous, similar resources. Such as our 2016 report on money laundering in the profession (PDF 37 pages, 316KB)

Read advice on completing Suspicious Activity Reports (PDF 15 pages, 219KB)

Information on people within your firm

We need to hold information on those working in the profession that hold certain roles.

Definition of positions

This guidance is to assist firms when deciding who in their firm falls under the definitions of beneficial owner, manager and officer contained in The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR).

While we want to assist you in interpreting the Government regulations, you will of course need to satisfy yourself on the legal position. The obligation to identify who are your beneficial owners, officers and managers is on you as a firm. If having read this guidance you are still unsure, you should consider obtaining specialist advice on your position.

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Who to contact

If you want advice about the questions, you can contact our Professional Ethics Guidance helpline.

If you need help with the form, call our Contact Centre.