Law Soc: new money laundering protections in force

Most law firms in England and Wales have now implemented anti-money laundering procedures, according to a Law Society survey.

The research, published today (10 July), found 95 per cent of respondents have updated their policies and procedures within six months of the new regulations coming into force last December.

Alison Matthews, chair of the Law Society Money Laundering Task Force to help solicitors meet their obligations under the Money Laundering Regulations 2007, said that the results demonstrate a high level of engagement from solicitors but that more will be done.

In-coming president Paul Marsh said initiatives include a series of round table discussions and more detailed surveys providing a robust defence against money launderers attempting to abuse solicitors’ professional services.

Marsh said: “This monitoring project with surveys and round table meetings demonstrates the Law Society’s commitment to listening to its membership so that it can be a strong representational voice to all levels of government on anti-money laundering issues.

“I would encourage all firms to sign up to participate in our September survey.“

The news comes two days after a schoolgirl on work experience was jailed for five months for stealing thousands of pounds from Freshfields Bruckhaus Deringer (see story).