Money Laundering - The Latest Guidance for Private Client Practitioners

Introduction

Anti-money laundering and related legislation imposes onerous obligations on practitioners and firms who must respond appropriately when providing legal services, and those involved in private client and tax planning work must devote considerable time and energy to protect themselves.

With money laundering and tax evasion laws burgeoning, and greater scrutiny of tax avoidance schemes by HMRC, and moves towards increasing transparency with such developments as the Trust Registration Service and Register of Overseas Entities, and the increasing use of sanction control, lawyers are facing an increased risk of prosecution and reputational damage.

Furthermore, there are many regulatory challenges which must be identified and met in this area.

The SRA identifies lack of awareness of anti-money laundering duties as a high-level risk and expects management with internal controls, systems, and policies.

As such, the consequences of a misunderstanding are potentially severe and could deprive you of your right to practise and have potentially devastating commercial and reputational consequences.

The SRA continues to robustly supervise our compliance with the Money Laundering Regulations, and it is important to understand the role of the SRA in supervising our conduct.

A tailored response, in which the risks inherent in each department have been considered and effective risk management procedures implemented is expected.

For the private client team, hot topics include source of funds and source of wealth issues, risks associated with family clients, and risks associated with particular services and jurisdictions.

In addition to private client practitioners, this webinar will be invaluable to the COLP, MLRO and those working in a risk or compliance role, as it includes the latest relevant guidance, a consideration of tax advice and an update on sanctions and the Trust Registration Service and the Register of Overseas Entities.

What You Will Learn

This webinar will cover the following:

• The key legislative and regulatory requirements
• The Money Laundering Regulations and how to respond in the workplace
• Customer and enhanced due diligence
• Sanctions and PEPs
• Tax advice - MLR and regulatory requirements
• Trust work developments and the Trust Registration Service
• Disclosure duties and the Register of Overseas Entities
• Red flags for private client practitioners
• Risk and compliance documentation which will demonstrate the correct response
• The challenges caused by agile working practice

This webinar was recorded on 9th February 2023