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Bogus practices and money laundering rise up SRA’s risk register for law firms
Wednesday, 2 July 2014Bogus law firms and money laundering have become two of the biggest current risks to law firms, the Solicitors Regulation Authority (SRA) said yesterday, in publishing its 2014 risk outlook.
Tags: bogus law firms, fraud, money laundering, Solicitors Regulation Authority
Posted in Latest news, Solicitors
From the Russian mafia to the Arab Spring – SRA records big rise in money laundering reports
Wednesday, 5 March 2014The number of law firms suspected of involvement in money laundering trebled last year, with some solicitors mixed up with the Russian mafia as well as “inappropriate transactions” following the Arab Spring, the Solicitors Regulation Authority revealed yesterday.
Tags: anti-money laundering, money laundering, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Solicitors caught up with Russian mafia, regulator warns
Wednesday, 4 December 2013Criminality within the solicitors’ profession has reached the level where the Russian mafia have become involved, it emerged yesterday. The SRA has uncovered “very significant levels of misconduct in firms”.
Tags: fraud, money laundering, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Quarter of conveyancers have experienced attempted fraud, while third pay referral fees
Monday, 15 April 2013A quarter of conveyancing firms have experienced a client attempting to commit property-related fraud or money laundering, new research has revealed. This frequency suggests that many firms “might be over-optimistic” about the likelihood of encountering similar attempts in the future
Tags: conveyancing, money laundering, mortgage fraud, referral fees
Posted in Latest news, Solicitors
Government u-turn on scrapping criminal sanctions for breaches of money laundering regulations
Friday, 20 July 2012The government has changed its mind over scrapping more than two dozen money laundering offences that can penalise lawyers for minor rule breaches, but has emphasised that minor failures should not lead to prosecution.
Tags: anti-money laundering, Law Society, money laundering, Solicitors Regulation Authority
Posted in Latest news, Solicitors
18 solicitors sanctioned for money laundering breaches as Treasury warned over increased risks from ABSs
Monday, 28 May 2012Eighteen solicitors were sanctioned by the Solicitors Disciplinary Tribunal last year for breaches of anti-money laundering obligations, the Law Society has reported. It has also identified alternative business structures as among the increased risks of money laundering facing the profession.
Tags: ABS, Alternative business structures, anti-money laundering, Law Society, money laundering, Solicitors Disciplinary Tribunal, Solicitors Regulation Authority
Posted in Alternative business structures, Latest news, Solicitors
Appeal court frees solicitor after quashing convictions for fraud and money laundering
Thursday, 15 March 2012The Court of Appeal yesterday quashed the conviction of a solicitor jailed for fraud and money laundering in £650,000 worth of property transactions. However, a conviction for perverting the course of justice – for selling a Lamborghini that was subject to a freezing order – was unaffected.
Tags: fraud, money laundering, mortgage fraud, Solicitors Disciplinary Tribunal, Solicitors Regulation Authority
Posted in Latest news, Solicitors
News round-up: HighStreetLawyer.com expands, firm recruits COLP, will-writer training boost, and much more
Friday, 9 March 2012Our regular round-up of bits of news you may have missed include new locations for the HighStreetLawyer.com network, a firm recruiting its COLP, firms launching joint ventures and targeted services, professional training for will-writers, money laundering warning, and more.
Tags: anti-money laundering, bar standards board, Chartered Institute of Legal Executives, claims management companies, COLP, compliance officer for legal practice, Institute of Professional Willwriters, joint ventures, Law Society, Legal Services Board, money laundering, Office of Fair Trading, will-writing
Posted in Latest news, News In Brief
“Disproportionate” money laundering compliance rules cost big firms up to £1.3m
Monday, 5 September 2011Compliance with “disproportionate” anti-money laundering rules costs the largest law firms as much as £1.3m each a year, the Law Society has claimed. Responding to a Treasury consultation, the society backed the option of abolishing all criminal sanctions under the 2007 Money Laundering Regulations.
Tags: money laundering
Posted in News, Solicitors
Treasury confirms plan to decriminalise minor money laundering rule breaches
Thursday, 9 June 2011The Treasury is set to abolish more than two dozen money laundering offences that can penalise lawyers for minor rule breaches, it has confirmed, but they could be replaced with extra powers for regulators. Very small businesses could even be exempted from the rules altogether.
Tags: money laundering
Posted in Barristers, Legal Executives, News, Other lawyers, Solicitors
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The rise of the agent
We believe AI agents are going to represent the biggest change to the way in which the general public interact with professional services business for generations.
The lonely role of a COFA: sharing the burden of risk management
Compliance officers for finance and administration in law firms can often find themselves walking a solitary path. But what if we could create a collaborative culture of shared accountability?
Mind the (justice) gap: Why are RTAs going up but claims still down?
The gap between the number of road traffic accident injuries and the number of motor injury claims continues to widen, according to the latest government data.
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