Money Laundering
This section has been developed to assist firms and their MLRO’s in keeping up to date with the latest guidance, updates and relevant news on Money Laundering and Terrorist Finance. It is updated regularly.
Compliance with anti money laundering and counter terrorism legislation has been high on the agenda for law firms for a number of years now. The Money Laundering Regulations 2007 necessitate the implementation of risk sensitive and appropriate policies and procedures including client due diligence measures, ongoing monitoring of business relationships and regular appropriate training for all relevant staff. Additionally, firms need to monitor and management compliance and be in a position to evidence this.
Firms need to retain a high level of awareness amongst fee earners and support staff of matters which may involve proceeds of crime or terrorist funding to ensure that suspicious matters are properly reported. Complex questions of privilege can sometimes arise.
If a firm is served with, for example, a Production Order under the legislation, requiring the speedy production of relevant documentation, firms need to be in a position to act very quickly and safeguard any dangers of tipping off.
Legal Risk LLP can assist firms in all of these areas as we can help with:
- Compliance, including reviewing and drafting policies and procedures as well as training;
- Advice in relation to the reporting of suspicious activities, including privilege issues; and
- Advice in dealing with Production Orders and other requests for information.
We also offer a Money Laundering Helpline service on a 'pay as you go' basis.
For further information, email Sue Mawdsley or telephone her 0845 330 6791.
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