March 2 2018
Lawyers are being urged to do more to reduce the risk of money laundering in the UK as the Solicitors Regulation Authority revealed it has imposed disciplinary measures on a number of firms.
In a recent review of 50 firms designed to test the sector’s compliance with new, tougher anti-money laundering regulations, the watchdog found only a third had carried out a mandatory risk assessment of their anti-money laundering procedures or were in the process of implementing one.
In six of the 50, which ranged from high street to City firms, the SRA found serious concerns that merited “ongoing disciplinary processes”. The authority can refer solicitors and firms to the Solicitors Disciplinary Tribunal, which has unlimited fining powers.