HM Treasury approves Law Society’s updated anti-money laundering practice note

On 29 October 2009, the Law Society published an updated version of its anti-money laundering practice note (note).

The note, dated 29 October 2009, is intended to help solicitors comply with the requirements of the Proceeds of Crime Act 2002 (POCA), the Terrorism Act 2000 (TA), the Money Laundering Regulations 2007 (MLRs) and relevant amending legislation to February 2008. It also details good practice. The note was last updated in February 2008 to include advice on changes to the tipping off offences under POCA and the TA (see Legal update, Tipping off: The Law Society has updated its anti-money laundering practice note). A schedule of amendments to the note has been published for ease of reference.

The Law Society has announced that HM Treasury has formally approved the note. This means that the Solicitors Regulation Authority and the courts must have regard to the note when considering whether a solicitor’s conduct was reasonable in relation to allegations of:

Money laundering.

Failing to report suspected money laundering.

Failing to comply with the MLRs.