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 Paul Jones

Whatever you do, do not say - Do Not Know!

As we have said in our articles on the subject over the last 2 years, the Anti-Money Laundering focus by the Solicitors Regulation Authority is not short term, it is here to stay and will continue to be a focal point for the regulator.

By Ian East

Are you or your firm Tax Advisers? - 10th January 2021 Deadline

Due to Covid-19 and the myriad of problems that it has created, it is possible that some firms have not yet fully appreciated the implications of the 5th Money Laundering Directive that came into effect on the 10th January 2020, brought into UK law by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (MLR 2019). 

Are you, or is your firm now a Tax Adviser?

One very important change introduced was to the definition of “tax advisers”.  This change may potentially bring many firms and freelancers within the scope of the Money Laundering Regulations. 

By Ian East

AML and Compliance Update

AML and Compliance Update

It has been an exceedingly difficult year for many law firms due to the sudden and dramatic impact of Covid-19.  Recent events have certainly been a test for all firms’ business continuity plans, and firms without adequate backup systems in place will certainly have been hit the hardest. 

By Paul Jones

Anti-Money Laundering - Independent Audit Function

In our 20th of January 2020 article on Anti-Money Laundering, we laid out what some of the latest changes were following the introduction of the 5th Directive, and explained what the SRA had found in their thematic review when they visited a hundred firms in 2018.

This article deals with our anonymised findings from the reports we have generated since cpm21 rolled out its Independent Audit Function (IAF) to solicitors firms at the start of 2020…

By Ian East

Anti-Money Laundering and the 5th Money Laundering Directive

For the legal sector Ant-Money Laundering (AML) is currently a very hot topic with the SRA being very proactive and the recent implementation of the Fifth Anti-Money Laundering Directive (5 MLD) to consider.  Before considering the new changes, it may be useful to look at the AML situation in general and consider how compliant your firm is.  This is certainly an area that law firms must ensure that they are fully compliant with or run the risk of disciplinary, and possibly criminal, sanctions.

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.