Call 0800 977 5148
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Call 0800 977 5148
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Money Laundering and Why we have to comply Anti-money laundering legislation was introduced by the government in 2003. It applies to all financial institutions and this means and includes all solicitors practices in England and Wales It was introduced by the Government in an effort to reduce crime and particularly focuses upon organised crime. It introduced a number of duties upon solicitors, which if not followed can result in the solicitor being imprisoned. In very simple terms the legislation and its ultimate effect requires us to - verify a client's identity properly consider what a client is instructing us to do and whether there is any offence being committed report details of any offence not accept cash payments This is very important and means therefore that all clients should think very carefully before revealing any criminal dealings to any solicitor or other institution eg banks or estate agents Examples of reportable matters include benefit fraud, mortgage fraud, tax evasion and theft. The full text of the legislation as introduced can be found by following the link below http://www.opsi.gov.uk/si/si2003/20033075.htm
Nick Battye April 2007 |
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