Law Society continues fight against organised crime
The Law Society of England and Wales has vowed to continue to play a full part in the fight against organised crime building on its work with government, law enforcement and other professional bodies to tackle money laundering and help improve Britain’s already rigorous anti-money laundering (AML) regime.
Responding to the Treasury’s AML action plan, chief executive Catherine Dixon stressed the central role the Law Society has as the AML supervisory body. She pointed out that, as the professional body for solicitors in England and Wales, it was uniquely placed to disseminate information and tools to disrupt money laundering.
‘The Law Society is recognised globally for its work supporting its members to comply with AML legislation. It is vital that AML guidance continues to be owned by the professions across all sectors because they have the practical and institutional understanding of the fight against organised crime.
‘Professional bodies have unique sector-specific expertise and knowledge of their professions – they understand the risks and vulnerabilities of the transactions their members are involved in. It would be nigh on impossible for a government body or stand-alone supervisor to match the depth of this institutional understanding.’
The UK’s low threshold of ‘suspicion’ is unique among AML regimes in the world and the Law Society has put together a comprehensive package of practical support to assist solicitors in complying with UK AML legislation.