Attys Face Tighter AML Supervision As Overhaul Looms

Attys Face Tighter AML Supervision As Overhaul Looms

May 4, 2023, Law360

Law360 included Ian Hargreaves's commentary in an article about the U.K. government's recent plans to extend the information-gathering powers of the Solicitors Regulation Authority, in the latest effort to beef up the watchdog's role as an economic crime enforcer ahead of a review that could overhaul how the profession is supervised.

"The tanks have been placed on the lawn in that both the Law Society and the Bar Council have said how it is a dreadful idea," Ian said.

Ian said the regulatory objective is unnecessary as the legal profession is already subject to targeted anti-money laundering legislation. It is not the primary role of lawyers to actively try to detect crime, and it is unclear how it would be compatible with their duty to clients, he said. 

"I have concerns with such a wide-ranging duty and its merit or its enforceability where there is a gray area and where you have already got existing regulations which are not being properly enforced because of failures in financing," Ian said.

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