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Welcome to the September AML update
In this edition, we provide a policy update covering HM Treasury's new Office for Financial Sanctions Implementation, the National Risk Assessment and the recent media focus on AML.
We have our regular Disciplinary digest and Launderers in the news features as well as a new Q&A article on AML issued by our Practice Advice Service.
AML policy adviser Scott Devine provides an update and analysis on developments in the UK and abroad.
The government has announced it has delayed the implementation of the register of people with significant control (PSC).
Prime minister David Cameron has promised to expose corrupt foreigners using 'dirty money' to buy luxury properties in the UK through the use of 'anonymous shell companies'. During a recent visit to Singapore, the prime minister vowed to publish Land Registry data setting out which foreign companies own land and property in England and Wales.
The Department of Business, Innovation and Skills has called for evidence to review the impact on businesses on the current anti-money laundering and terrorist finance regime. The review will seek to remove unnecessary burdens on businesses while maintaining all necessary protections. The consultation is open until 23 October.
Our regular roundup of those hitting the headlines for money laundering in the last few months.
Our summary of recent decisions from the Solicitors Disciplinary Tribunal involving breaches of anti-money laundering requirements.
Unfortunately we have been forced to temporarily shut down the Law Society's AML online forum as the platform on which it is hosted is now obsolete. We intend to launch a new and improved AML forum when technical improvements are made, enabling us to host the forum on the Law Society website.
We will inform you via the AML newsletter when the new system is up and running, however, in the interim we suggest that you consult the Law Society's AML page or contact the Law Society Practice Advice team on 020 7320 5675 with any AML related queries you may have.
Nick Milner from the Law Society's Practice Advice Service sets out some commonly-raised AML queries.
The Law Society's Money Laundering Task Force has drafted guidelines for UK solicitors on how to complete a consent request. The guidance is a result of discussions held between the Law Society and the National Crime Agency (NCA) regarding common reporting errors and the complexity of NCA guidance in this area.
A Lawyer's Guide to Detecting and Preventing Money Laundering looks at the vulnerabilities of the profession, the red-flag warning signs and contains useful case studies outlining potential real-life scenarios faced by lawyers in this space.
Events and training
Last year's sell out attendance is testament to the fact that the Law Society's Financial Crime and AML Conference is an event not to be missed.
This conference brings together policy makers, law enforcement agents, regulators, academics and industry experts to look at the changes ahead, current policy development approaches and other hot topics such as cyber crime and the sanctions regime.
We have confirmed speakers from the National Crime Agency, EU Commission, HM Treasury and the SRA, among others.
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