Anti-money laundering procedures are going under the microscope in 2019. Hannah Gannagé-Stewart looks at why no firm is exempt from needing top-notch AML compliance going forward
The UK may have leading anti-money laundering (AML) practices but that didn’t stop the legal and accountancy sectors finding themselves subject to criticism in a report published by the Financial Action Task Force (FATF) in December.
FATF is a 30-year-old inter-governmental body tasked with setting AML standards for 38 member states. The publication of its mutual evaluation report at the end of 2018 follows a 14-month assessment of the UK’s AML supervisory bodies, including the Solicitors Regulation Authority (SRA) and the Law Society.
Among seven priority actions listed in the 250-page report was a recommendation that HMRC continue to address “significant weaknesses” in AML supervision by legal and ac...
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