Money laundering and terrorist financing national risk assessment—NRA—law firms
Money laundering and terrorist financing national risk assessment—NRA—law firms

The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:

  • Money laundering and terrorist financing national risk assessment—NRA—law firms
  • Background
  • Key findings
  • Legal services
  • What next?

Forthcoming changes: The UK has voted to leave the EU and this will take place on exit day as defined in section 20 of the European Union (Withdrawal) Act 2018. This has implications for law firms. This Practice Note is likely to be affected. It will be updated as and when relevant implementing legislation is published. For more on Brexit, see Practice Notes: Brexit—anti-money laundering and counter-terrorist financing—law firms and Preparing for Brexit—key considerations and action planning—law firms.

The money laundering and terrorist financing national risk assessment (NRA) sets out the key money laundering and terrorist financing risks for the UK and identifies how these have changed since the government’s first NRA was published in 2015.

This Practice Note explains the background to the NRA, its key findings (particularly in relation to legal services) and what publication of the NRA means for you.

Background

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 require the Treasury and Home Office to make arrangements for a risk assessment to be undertaken to identify, assess, understand and mitigate the risks of money laundering and terrorist financing affecting the UK.

It must, among other things:

  1. identify any areas where relevant persons should apply enhanced customer due diligence measures, and where appropriate, specify the measures to be taken

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