Added burden poses threat to the profession
The Law Society has warned that government proposals to introduce an AML levy calculated on firms’ income could be harmful to the profession.
I response to the government consultation on the matter, the Law Society said the profession was already devoting resources to preventing the system from being abused by money launderers.
“The legal profession is fully committed to supporting the fight against economic crime and takes their anti-money laundering responsibilities very seriously,” said outgoing Law Society president Simon Davis (pictured).
“Law firms already play an important role in tackling money laundering, as demonstrated by the substantial costs and resources allocated by the profe...