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Laurence Howland
Laurence Howland
Buckles Solicitors LLP
Contributions by Buckles Solicitors LLP Experts

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Underground banking and informal value transfer systems—the basics—law firms
Underground banking and informal value transfer systems—the basics—law firms
Practice notes

This Practice Note explains underground banking, its history, current usage and associated risks. It is aimed particularly at law firms caught by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 and the associated requirements to identify and assess risk, maintain policies, controls and procedures to manage those risks and report activity giving rise to suspicion of money laundering or terrorist financing.

Other Work
New SRA fining powers for Economic Crime
New SRA fining powers for Economic Crime

Practice Compliance analysis: The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023, with many provisions coming into effect on the same day. It expands on last year’s Economic Crime (Transparency and Enforcement) Act 2022, which was rushed through Parliament largely in response to Russia’s attack on Ukraine. In addition to introducing extensive reform to Companies House and increasing law enforcement powers to tackle fraud, the ECCTA 2023 creates significant powers for the SRA to investigate economic crime and impose unlimited penalties on solicitors firms. Written by Laurence Howland, Director of Compliance, Buckles Solicitors LLP.

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