Fifth Of UK Law Firms Fail On Money Laundering Compliance

Law360, London (October 29, 2019, 12:05 AM GMT) -- British law firms will face increased checks by the legal sector’s watchdog after it found that one in five companies are not complying with anti-money laundering regulations, warning on Monday that it will take tough action against those that continue to fall short.

The Solicitors Regulation Authority, which oversees the profession in England and Wales, said that 83 out of 400 firms it had contacted had failed to show they were complying with regulations from 2017 designed to curb money laundering.

According to figures published by the SRA in its annual risk outlook report, the authority has opened 172 investigations linked...

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