Ever since the Money Laundering Regulations 2007 became law last December, regulated business such as law firms, financial services and tax advisers have been working to put their compliance houses in order. By now, one would expect these firms to have put in place robust processes and procedures to ensure that they are fully compliant.
These regulations may only be UK law, but their impact is likely to be felt widely. Law firms with clients involved (either directly or indirectly) in businesses or individuals registered in offshore markets have a particular vantage point from which to observe the effect the new laws will have on the small economies of places such as Bermuda, Jersey, Guernsey and the Isle of Man.
