Firms will need to review their Practice Wide Risk Assessments following publication of the draft Legal Sector Affinity Group (LSAG) guidance and the Solicitors Regulation Authority (SRA) Sectoral Risk Assessment (and see also the Environmental risks section below). The LSAG guidance is expanded considerably on previous guidance, and awaits approval by HM Treasury.
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) Sourcebook for professional body anti-money laundering supervisors published an addendum updating its guidance on prohibitions and approvals of applications to be a beneficial owner, officer or manager of a firm (BOOM), or a relevant sole practitioner.
Links to these and other documents are on www.legalrisk.co.uk/News, including an Organisation for Economic Co-operation and Development (OECD) report, Ending the Shell Game: Cracking down on the Professionals who enable Tax and White Collar Crimes, which includes recommendations on ‘targeting professional enablers and disrupting their activities’. See also www.legalrisk.co.uk/AML.
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