UK: Lawyers fined £50,000 for money laundering failures

293

APRIL 4 2017

Three partners at a City of London law firm have been hit with the biggest joint fine ever handed out by the solicitors’ disciplinary tribunal as part of a £50,000 penalty for breaching money-laundering rules.

Clyde & Co, an international law firm that specialises in insurance, maritime and aviation law, was found to have allowed a client bank account to be used as an escrow facility in 2013, which breached professional regulations.