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Law Society offers guidance on recognising money laundering signs

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Published on: 23 January 2020

Published by LNB News

LNB News 23/01/2020

Document Information

Issue Date: 23 January 2020

Published Date: 23 January 2020

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Law Society has published guidance to fee earners and money launder reporting officers at law firms on how to spot signs of money laundering. Examples of common warning signs included unusual and secretive clients, as well as unusual sources of funding and sudden changes in instruction. It singled out practices working in high-risk areas such as trusts and company formation, conveyancing and those operating a client account as those needing to pay particular attention to anti money laundering guidance. It also offered advice on how to respond to warning signs and how to prevent money laundering in the first place.

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