Anti-Money Laundering Compliance

Since the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2003, the burden of anti-money laundering compliance has continued to increase and the regulated sector now includes many businesses and professions beyond just banking and financial services.  The onerous regulations are all backed by criminal sanctions and the threat of imprisonment for non-compliance, negligent as well as deliberate.  The new emphasis in the Money Laundering Regulations 2007 on the application of a risk-based approach places greater responsibility on organisations and individuals, and MLROs in particular.

BCL provides expert advice and, where necessary, representation to law firms, accountancy practices, companies and individuals in relation to anti-money laundering compliance.  In particular, it provides advice and assistance in relation to compliance issues such as Customer Due Diligence, anti-money laundering training and the making of Suspicious Activity Reports to the Serious Organised Crime Agency (“SOCA”), including  advice on the potential conflict with common law legal professional privilege and client confidentiality. 

Our lawyers have been involved in the two leading cases on money laundering and the Proceeds of Crime Act 2002 (P v P in 2003; Bowman v Fels in 2004) and include the immediate past-Chair of the Law Society's Money Laundering Task Force who was responsible for overseeing the drafting of the latest revised guidance on money laundering issued as a Practice Note by the Law Society.