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UK firms to face money laundering probes by special visits
The biggest law firms in the world will be among UK bases investigated by specialist teams to see if they are enabling criminals to launder money.
Firms to be investigated Alexander Supertramp
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Investigators are concerned that reports made to them by law firms over suspicious transactions have fallen from 15,000 in 2008 to 4,000 in 2013. Paul Philip, chief executive of the Solicitors Regulation Authority, said that firms found to be ‘complicit’ in money laundering will face tough action - including fines, striking off and closing down. The investigating teams will come from the Authority, and will visit firms of all sizes.
Growing concern
He said: ‘We really want to understand why these reports from lawyers have declined, while nationally they have increased. Anti-money laundering regulations have been in place for a while now but there’s growing concern that things aren’t going in the right direction.’ Source: Financial Times
