Money laundering

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.

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.

A warning notice has been issued reminding everyone in the profession of their obligations.

We carried out a 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)

A warning notice on submitting Suspicious Activity Reports (SARs) was published in 2014.

We also issued in 2014 a warning notice on using the client account as a bank account, which can be an indicator of attempted money laundering.

Collecting information on the profession

The new regulations introduced obligations around the information we hold on those working in the profession. So although we already held information about firms, we needed to ask for further details on services offered that fall within the scope of the regulations.

We did this through an online form.

Ninety five percent of the profession submitted their information in a very short timescale. Thank you to all those that completed within the deadline. The information you provided is being processed.

Learn more about the online form.