Law Society news
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Scottish firms’ AML-related work nears £700m
Almost £700 million of gross fees across Scottish legal firms in 2023 related to work falling under anti-money laundering (AML) regulations, analysis of the latest AML Certificate has shown.
Concerns raised over AML Certificate data accuracy
The anti-money laundering (AML) sub-committee has called on Scottish legal practices to improve the accuracy of their AML Certificate data or risk disciplinary action.
AML SARs thematic review: DAML spotlight
Our anti-money laundering (AML) team has highlighted defence against money laundering reports (DAMLs) as a key area of focus for firms, following the release of initial findings from its suspicious activity reports (SARs) thematic review.
AML SARs thematic review initial findings
Our anti-money laundering (AML) team has published the initial findings of its thematic review into suspicious activity reports (SARs), revealing positive procedures are in place across firms, but further support and guidance is needed on training and the threshold for suspicion.
AML inspection guide released
Our anti-money laundering (AML) team has released a guide to help members understand more about the AML inspections process and how to prepare for different types of inspection.
AML regulations need greater clarity for legal sector
Money Laundering Regulations need greater clarity for the legal sector and a re-focus on key ways to mitigate underlying risk in order to strengthen the UK’s anti-money laundering (AML) system, we have said in response to government proposals.
"All Too Familiar" AML training film released to members
All members now have free access to the anti-money laundering (AML) film “All Too Familiar”, a dramatised look at how firms can become unwittingly involved in money laundering.
AML thematic review of Suspicious Activity Reports
Our anti-money laundering (AML) team will launch its next thematic review this month, examining suspicious activity reports (SARs).
Court opinion emphasises need to comply on complaints
Court opinion published today, 30 April, emphasises need to comply on complaints
AML round up: April 2024
Our round up of all the latest important anti-money laundering news and developments to be aware of.
National Crime Agency to create law sector SARs forum
The National Crime Agency (NCA) is to create a legal sector suspicious activity reporting working group to help further engagement from legal professionals across the UK.
Judicial factors reform a step forward but refinement still needed
New legislation to reform judicial factors is a step in the right direction but could be further improved to ensure clarity, accessibility and efficiency, according to the Law Society of Scotland.
Survey confirms solicitors’ alarm at Scottish Government’s legal regulation plans
Our latest annual members survey has confirmed the depth of concern at the Scottish Government’s proposal to give itself powers to control the regulation of the legal sector.
Cross-party report shows government wrong to try to politically control legal profession
A new report from a cross-party committee of MSPs has shown how Scottish Government plans to try and control the way the legal profession operates were wrong and risked undermining the rule of law.
HM Treasury money laundering advisory notice: High-risk third countries
HM Treasury has released an advisory notice amending the definition of High-Risk Third Countries (HRTC).
AML Certificate 2022 results
Our anti-money laundering (AML) Risk Manager, Jenni Rodgers, provides an update on the key insights and analysis from the data that practices provided in the 2022 AML Certificate.
Updated UK AML guidance published
The Legal Sector Affinity Group has published an important update to its anti-money laundering (AML) guidance for the UK legal profession, including proposed changes to the identification and verification approach.
AML annual supervisory report 2023
Read our 2023 anti-money laundering (AML) annual supervisory report, covering the AML work we've undertaken over the past year and key stats on the regulated population.
Consumers must be protected from unregulated legal services
Consumers must be protected from the risks posed by unregulated legal services such as will writing and online divorces.
Licensed Legal Services Provider update
Work is ongoing to create a regulatory scheme for Licensed Legal Services Providers - read our short update.
Comment on judges response to Regulation of Legal Services Bill
The Society's President Sheila Webster comments on the response to the Regulation of Legal Service Bill from Scotland's senior judges.
AML round up: July 2023
Catch up on all the latest anti-money laundering (AML) news for the legal sector, plus what the AML team has been working on to help aid practices.
New Russian legal advisory sanctions webinar
Practices with exposure to Russian sanctions are being encouraged to attend a Ministry of Justice webinar on 18 July on new legislation that prevents UK lawyers from advising Russian companies in certain business deals.
New legal sector engagement forum
The Office of Financial Sanctions Implementation (OFSI) has set up a new legal sector engagement forum, which practices are being encouraged to join.