Analysing anti-money laundering supervision of the UK legal sector

16 November, 2022 | 0 minute read

Our major report on the UK’s legal sector and money laundering rules, A Privileged Profession?, was published in October 2022. 

The product of months of research, the report revealed that UK law firms face almost zero risk of criminal enforcement if they breach money laundering rules, and very little prospect of meaningful fines. 

Engagement with government officials and regulators in the process of developing this report helped create momentum for new provisions in the Economic Crime and Corporate Transparency Act that require legal sector regulators to prevent and detect economic crime, and give the Solicitors Regulation Authority unlimited fining powers.

This case study is taken from our 2022-23 Impact Report which can be downloaded here.