The government says that regulated firms should pay to help improve its efforts in tackling money laundering – and the Solicitors Regulation Authority (SRA) agrees. But is it really fair; and how would it work in practice?
The cost of anti-money laundering (AML) compliance in terms of time spent by solicitors and other staff is, by now, well known to most law firms. But the government’s new plan to help fund its fight against money laundering threatens to impose an additional new financial burden.
A number of issues have been raised in the consultation process, with notably different responses from the Law Society and the SRA. So, what will this mean for firms that are already overburdened by these complex issues?...
