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Welcome to the June AML update
In this edition, we provide a policy update covering initiatives from the SRA and HM Treasury where we look at what lies ahead in the UK now that the 4th EU Money Laundering Directive has been voted into law.
We have our regular disciplinary digest and launderers in the news features as well as revealing the date for the 2015 Law Society AML and Financial Crime Conference.
AML policy adviser Scott Devine provides an update and analysis on developments in the UK and abroad.
A plenary session of the European parliament voted the 4th Money Laundering Directive into law in Strasbourg on Wednesday 20 May. The Law Society's Money Laundering Task Force will be liaising with HM Treasury later this year regarding the transposition of the 4th Directive into UK law.
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.
The Home Office has published a circular detailing amendments to POCA with the provisions taking effect as of 1 June.
The circular gives details of amendments to POCA made by the Serious Crime Act 2015, the Policing and Crime Act 2009 and the Crime and Courts Act 2013.
The International Bar Association , the Council of Bars and Law Societies of Europe and the American Bar Association have jointly issued the first global AML guidance written by lawyers, for lawyers.
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.
The SRA has issued two warning notices related to money laundering. One highlights warning signs of suspicious transactions and the other relates to submitting consent requests to the NCA.
Events and training
This bespoke session, developed for a City-based audience, will look at current AML policy issues relating to the legal sector in the UK and also some of the practical issues that come with complying with AML rules.
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. The 2015 conference will be held at the Law Society in London on Wednesday 18 November. Look out for details of how to book your place in the next AML newsletter.
The Law Society, 113 Chancery Lane, London, WC2A 1PL. Tel: 020 7242 1222
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