Law Firms Face Supervisory Crackdown Over AML Failings

Law360, London (July 8, 2019, 7:16 PM BST) -- British law firms face a crackdown by the Solicitors Regulation Authority over shortcomings in their anti-money laundering procedures as the country takes an increasingly hard stance against professional firms that enable the flow of dirty money through the financial system.

The SRA referred 26 firms for disciplinary action in May after finding they were not doing enough to prevent money laundering — a move experts believe will have wider ramifications as professional bodies overseeing lawyers and accounting come under pressure to better police their members.

The clampdown also comes as the U.K. government seeks to reform the country’s reputation as a...

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