Firms fight Govt money laundering stance

City firms including Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May are gathering for a summit meeting today (5 March) to coordinate resistance to the Government’s money laundering directive.

The round table event aims to ensure that the Law Society’s response to the directive reflects the concerns of member firms and to coordinate lobbying efforts.

Other firms confirmed at the event, which is taking place at the Law Society president’s official residence on Carey Street, include CMS Cameron McKenna, DLA Piper and Herbert Smith.

As first reported on last month (15 February), Law Society president Fiona Woolf has slammed the draft regulations of the Third Money Laundering Directive, claiming that they place unnecessary burdens on solicitors and their corporate clients and damage the competitiveness of City firms.

Woolf has written to Ed Balls, the lead minister for financial crime, to request an urgent meeting.

The Third European Money Laundering Directive was adopted by the European Commission late last year and must be implemented into UK law by December this year.