HM Treasury have now approved UK-wide AML guidance for the legal sector.

AML guidance for the UK Legal Sector

Approved by HM Treasury and published in March 2018, this guidance reflects the requirements in the Money Laundering Regulations 2017, which came into force on 26 June 2017. It was drafted by the Legal Sector Affinity Group (LSAG) which consists of UK legal sector supervisors and professional bodies, including the Law Society of Scotland.

The guidance has been devised to meet the needs of all UK legal professionals who are involved in anti-money laundering compliance. It provides information on how to ensure AML procedures are effective and on the signs to look for that can signal your firm is at risk. The guidance also offers information on primary money laundering and terrorism offences, legal professional privilege, making disclosures under the SARS regime, and enforcement measures.

We encourage all MLROs to renew their practice unit policies, controls and procedures to ensure they are compliant with the requirements of the new regulations.

If you have queries about the new guidance, contact us at fincomp@lawscot.org.uk.

Close up of a hand holding a pen and writing notes in a bound notebook

A short guide to Money Laundering Regulations 2017

A short guidance note giving an insight into the new Anti-Money Laundering Regulations that came into effect in 2017.