Law360 (May 17, 2019, 1:05 PM EDT) -- The Solicitors Regulation Authority of England and Wales has just announced a crackdown and investigation against 26 firms over alleged failures in their anti-money laundering procedures.
The SRA move appears to arise, at least in part, out of its investigations and warning regarding tax avoidance issued to law firms in late 2017.
Given that the both the original warning and the ensuing investigations raise potential money laundering issues, it may be that the SRA’s overarching objective is to ensure that law firms comply with not only with SRA regulations, but also the broader AML issues as the two are inextricably linked. ...
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