Money Laundering

The news items and other information on this site do not purport to be comprehensive or to give legal or professional advice. cpm21 does not provide legal advice. Whilst every effort has been made to ensure accuracy, neither cpm21, its owners, employees, associates, collaborators, agents or trainers can be held liable for any errors or omissions or inaccuracies contained within each communication, on its website, or in articles, tweets, posts or blogs on social networking sites. Readers should not act upon (or refrain from acting upon) information provided without first taking further specialist or professional advice. cpm21


By Sian Frampton

Don't get mugged - SRA announce that they are to target hundreds of firms in new anti-money laundering assault

In our article last March, we noted that the SRA had been visiting a number of firms to review compliance with the new 2017 Regulations. At that point 6 firms had been referred into the SRA disciplinary process. This March, the SRA have announced that they plan to write to an initial 400 firms asking them to demonstrate compliance with the government’s 2017 regulations.

By Jerry Walters

Professional Enablers ..........

When Security Minister Ben WALLACE MP announced three weeks ago a new crime strategy to tackle the increasing flow of illicit funds being processed through the UK economy, certain sectors came under fire once again for perceived failings in their efforts to combat money laundering.  The legal sector was one area singled out for criticism in the role it plays in allowing those who seek to launder funds through the financial system.

By Wayne Williams

A New Role for 2018 - The MLCO

A New Role for 2018 – the MLCO

We are now all familiar with the roles of COLP, COFA and MLRO.  There is however a new role to be appointed for 2018 the Money Laundering Compliance Officer – MLCO.

This appointment is required (where appropriate with regard to their size and nature) by the vast majority of solicitors firms with the possible limited exception in some cases of a true “Sole Practitioner” with no other employees.

By Jerry Walters

The changing face of AML in the UK

The changing face of AML in the UK

There are significant changes on the horizon in the world of Anti-Money Laundering as the UK Government announced last week two major developments in the fight to combat the threat of money laundering to the UK economy.  Firstly, there was the announcement of the establishing of a new AML watchdog ‘The Office for Professional Body Anti Money Laundering Supervision’ (OPBAS). The new watchdog is part of the Financial Conduct Authority (FCA) and will operate within its existing governance arrangements.

By Andrew Clarke

The 4th EU Money Laundering Directive

On 11 March 2014 a vote took place in the European Parliament when agreement was reached on the draft 4th EU Money Laundering Directive. The final text will now be established and adopted later this year.