While broadly supportive of the LSB’s proposed statement of policy, we wish to highlight three aspects which we urge the LSB to address as it sets outcomes and expectations for regulators:
1. The importance of giving explicit recognition in the definition of “professional ethical duties” to the public interest as the bedrock for professional legal ethics;
2. The urgency of regulatory action to address the ethical implications of the gaps in the UK’s Anti-Money Laundering (AML) regime around the proceeds of corruption;
3. The need to set clear expectations about transparency to promote greater accountability for how regulators and authorised persons uphold ethical standards across the profession.
We address each of these recommendations in the file attached below.
