Anti-Money Laundering for Law Firms - 2019 Conference
With the SRA continuing the pressure on law firms to ensure AML compliance, this comprehensive annual conference chaired by Trevor Hellawell, covers a wide range of topical and important issues.
This conference will cover the following topics:
9.30am - 10.15am: The Anti-Money Laundering Regime Revisited
Matthew Moore, Infolegal
It has long been accepted that the provisions in the Proceeds of Crime Act 2002 dealing with the legal requirements to report known or suspected money laundering or terrorist activity to the NCA are unsatisfactory.
Government has berated the legal profession for not making sufficient SARs to the authorities on the one hand, but has then urged firms to limit low level reports on the other, making it difficult to know quite what is expected.
Will the Law Commission’s recommendations clarify the picture, and what problems may remain within the disclosure regime?
This session will cover:
- The interplay of the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2017
- Stages of the money laundering process and risk points for lawyers
- The different reasons for making SARs and how privilege will affect the regime
- How concerned should we be about the Terrorism Act 2000 and liability for terrorist financing?
- Links to other financial crimes - property fraud, bribery and facilitating tax evasion
10.15am - 11.00am: SARs and Moratorium Extensions: The New Landscape
David McClusky, Taylor Wessing
The Criminal Finances Act 2017 brought in some of the biggest changes to the POCA reporting and consent regime since its enactment in 2002.
The ability to apply to extend a moratorium period has fundamentally changed the dynamics of client relationships post reporting.
This session will review the major changes and discuss some practical implications, for those who want to navigate their way through this tricky area. Issues will include:
- Drafting consent or DAML requests under the new regime: tips to make life easier
- Tipping off: when it does and does not apply
- Reporting on v reporting with your client: LPP, advice and tipping off
- SARs reform and the Law Commission Consultation Paper
11.15am - 12.00pm: AML: The Bigger Picture
Chair: Trevor Hellawell, ExL Practice Development
As the MLR 2017 settle down, it is nonetheless time to perfect our thinking about financial crimes generally.
There is no opportunity for relaxation, as HMRC start to use their powers to unearth unexplained wealth, the so-called 5th Money Laundering Directive is coming on stream, FATF have published their Mutual Evaluation Review of the UK’s systems and the regulators are inspecting firms to ascertain the extent of their compliance we cannot take our eye off the ball.
This session will focus on:
- The latest from the international and national regulators
- The key steps we need to be taking to ascertain a client’s identity
- The perpetual problem of FOG - fraudulently obtained but genuine documentation
- What about ongoing monitoring - how do we prove we are doing it adequately?
- A round up of other financial issues
12.00pm - 12.45pm: The Fallout from FATF
Amy Bell, Teal Compliance
The Financial Action Taskforce, the global organisation for setting the standards in anti money laundering has recently delivered its evaluation of the UK finding room for improvement in professional services and law enforcement.
This session looks at the progress of the government’s action plan to combat money laundering by making the UK a hostile environment for criminals and includes:
- Impact of the FATF Evaluation on AML Policy
- SRA thematic work - reviewing their findings and what to expect if you get a visit
- 5MLD implementation
- SARs reform
12.45pm - 1.00pm: Questions on Morning Session
2.00pm - 2.50pm: SRA Reviews and Risk Assessments 2019
Trevor Hellawell, ExL Practice Development
2 years into the new regime and, under pressure from the NCA and OPBAS, the SRA have undertaken a policing of compliance with the new regime - and have found several deficiencies.
This session will examine where work still needs to be done and offers thoughts for the future.
- Thematic review into TCSPs - May 2019
- SRA review of 400 law firms - June 2019
- Main findings
- Points to take away for law firms
2.50pm - 3.40pm: Money Laundering Regulations: Criminal Offences and Civil Penalties
Tanveer Qureshi, Barrister, 4 - 5 Gray's Inn Square
The session is designed to explain the civil penalties and criminal offences that can be committed by breaching the 2017 Money Laundering Regulations.
It will address the following issues:
- Application of the MLR
- Investigatory powers
- The criminal offences and the civil sanctions available
- Defences available
- Guidance on compliance
3.55pm - 4.45pm: AML Workshop: Putting It All Into Practice
Lorraine Richardson, Solicitor and freelance legal trainer
This interactive session will challenge delegates to consider, discuss and report on key issues covered during the course of the day’s sessions.
4.45pm - Close: Questions & Answers
Quick Quiz - Test Your Knowledge: Money Laundering
9:30am - 5:15pm
Please let us know if you wish to be notified when new dates are added for this programme