On 15 December, 2007, independent legal professionals, as defined, will need to comply with the Money Laundering Regulations 2007. The Law Society recently issued a practice note outlining good practice and providing direction on new measures coming into force.
Money laundering has been a major concern for the legal sector for some years following the introduction of the Money Laundering Regulations 2003 and the Proceeds of Crime Act 2002, but 2007 represents a particular milestone in how firms must tackle the issue and the challenges it presents around effective customer due diligence and risk exposure.
