Money Laundering Reports In Legal Sector Jump

Law360, London (July 26, 2019, 4:47 PM BST) -- Reports of money laundering in the legal profession rocketed by 43% in 2018, the Solicitors Regulation Authority said as it cracks down on lawyers helping to move dirty money.

A total of 218 reports of money laundering in the legal profession were filed in the first nine months of 2018, an increase of 43% from the year before when there were 152, the SRA said in a report Thursday.

“The legal sector is attractive to criminals because it can give the appearance of legitimacy to the holding of, or transfer of, money gained from criminal activity,” the regulator said.

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