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Spotting the red flags: A robust approach to AML

Tony Guise provides practical advice on how law firm leaders can ensure that their firm has a robust approach to anti-money laundering  

22 March 2016

The threat of money laundering
Organised crime costs the UK more than £24 billion each year - that's £1 a day per citizen. The fact that criminals are using the services of legal professionals in order to hide the origins of their illicit funds is nothing new, but there are important questions that solicitors must ask themselves to avoid becoming drawn in without their knowledge. Are you conducting the proper due diligence to spot the tell-tale signs of money laundering? Are you fully knowledgeable about the process required to report such activity if you do have suspicions?

Sophisticated organised criminals are likely to have built what appears to be an authentic business to avoid unwanted scrutiny and this makes you and your profession vulnerable to becoming unwittingly involved in serious and organised crime. For solicitors, the consequences of being involved in money laundering, whether witt...

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