Anti-Money Laundering Compliance

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

BCL provides expert advice and, where necessary, representation to governments, organisations, financial institutions, law firms, accountancy practices and individuals in relation to anti-money laundering compliance. In particular, we provide advice 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, including advice on the potential conflict with common law legal professional privilege and client confidentiality. Of course, we also provide expert advice to clients investigated for criminal breaches of the regulatory regime.

Our lawyers have been involved in the two leading cases on money laundering and the Proceeds of Crime Act 2002 (P v P; Bowman v Fels) and include the immediate past Chair of the Law Society's Money Laundering Task Force who contributed to the Law Society’s guidance on money laundering and has provided expert witness assistance to an overseas common law government in relation to the scope and impact of UK anti-money laundering legislation.