Anti money laundering campaign
20 February 2017
The Home Office is rerunning its "Flag it Up" campaign to highlight the dangers of criminals attempting to launder money through professional firms in the UK. Serious and organised crime costs the UK economy £24 billion each year, and criminals target legal professionals to help them, often unknowingly, hide the proceeds of these crimes.
The Home Office wants to work jointly with the legal sector to tackle this threat. We have been clear that it is important that firms do not become embroiled in money-laundering activity and are compliant with the various regulations and legislation associated with anti-money-laundering compliance.
Solicitors have a duty under the Code of Conduct to ensure their business complies with anti-money-laundering legislation and the Proceeds of Crime Act. We have long worked with you to ensure all firms, no matter how large or small, have the systems in place to guard against money laundering and are compliant with the current regulations and legislation.
We have also reminded you of your legal obligations to report suspicious transactions to the appropriate authorities. We put out two warning notices in late 2014 on the subject, and we also produced a report on good and bad practices based on visits to firms last year. Please make sure you are up to date with what is needed to keep your firm safe.
Download our report into money laundering in law firms (PDF 37 pages, 316K)
Read our money laundering warning notice
Read our suspicious activity reports warning notice