Spotlight on Corruption reports ongoing deficiencies in legal sector AML

Article summary

Spotlight on Corruption has published a report reviewing the latest statutory anti-money laundering (AML) reports from legal sector supervisors, following its 2022 investigation which identified significant supervisory shortcomings. Its analysis reveals persistent concerns about the effectiveness of AML supervision in the legal sector, with previous findings of high non-compliance rates and insufficient enforcement action remaining unaddressed. Despite the Office for Professional Body AML Supervision's (OPBAS) mandate, it has not achieved the necessary improvements in supervisory standards. While the Solicitors Regulation Authority (SRA) has recently increased enforcement activities, the overall findings suggest that fundamental reform of the legal sector's AML supervisory framework remains necessary to address systemic weaknesses in preventing lawyers from facilitating money laundering activities.