What are we trying to do
We want to ensure the legal services market does not assist in the laundering of the proceeds of crime
Who needs to know
Everyone working in a firm we authorise and regulate
What's going on
Money laundering is not a victimless crime - it helps fund terrorism and those involved in drug trafficking and people smuggling.
The credibility of law firms makes them an obvious target for criminals. The overwhelming majority of solicitors want to do the right thing. Yet that alone is not enough. Weak processes or undertrained staff can leave the door open for criminals.
We are working with the profession to keep money launderers out of solicitor firms. This involves giving advice on developing the right processes and policies, continuing to raise awareness of the threat of money laundering so that all staff know they have a part to play, and visiting firms to make sure everyone is doing what they should.Open all
Our #staySHARP campaign is all about raising awareness of the threat money laundering poses to the legal sector.
That means staying SHARP – solicitors SHould Assess, Report, Protect.
- Assess: firms need to assess their risk – that means having an adequate firm-wide money laundering risk assessment
- Report: if a solicitor suspects a client or transaction might be using the proceeds of crime, they must report this to the National Crime Agency by submitting a Suspicious Activity Report (SAR)
- Protect: make sure all your staff understand the risk money laundering poses, are familiar with your risk assessment, and are actively working to keep your business safe.