On 22 October 2013, The Law Society issued updated guidance for all solicitors and other staff in law firms who are involved in anti-money laundering compliance.
Solicitors are key professionals in the business and financial world, facilitating vital transactions that underpin the UK economy. As such, they have a significant role to play in ensuring their services are not used to further a criminal purpose. As professionals, solicitors must act with integrity, uphold the law and not engage in criminal activity. The practice note aims to assist solicitors in England and Wales to meet their obligations under the UK anti-money laundering and counter-terrorist financing (AML/CTF) regime.
The practice note helps you to comply with the Proceeds of Crime Act 2002, Terrorism Act 2000 and Money Laundering Regulations 2007, plus all amending legislation up to October 2013. It also details good practice and has been updated following the replacement of SOCA by the National Crime Agency.
To read the guidance, go to http://www.lawsociety.org.uk/advice/practice-notes/aml/introduction/