Barristers, chambers and BSB entities need to be aware of the risk of becoming involved in money laundering and/or terrorist financing.
- If you undertake work that falls within the Money Laundering and Terrorist Financing Regulations, then you have specific obligations under the Regulations.
- If you are a barrister acting in a matter that is not covered by the Regulations, you still have an obligation not to commit an offence within the Proceeds of Crime Act 2002 and Terrorism Act 2000.
- Barristers have a legal obligation to report to the Office of Financial Sanctions Implementation (OFSI) information that could undermine UK financial sanctions.
We are responsible for the supervision of barristers and BSB entities under the Money Laundering Regulations. Regulation 46 requires us to publish an annual report containing information about supervision activity undertaken to encourage the reporting of actual or potential breaches of the Regulations and measures carried out to monitor, and enforce, compliance by barristers and BSB entities with their obligations. Our report is included in our Regulatory Decisions Annual Report for 2019/20.
New for 2021 – updated guidance
We have published new guidance this year. Please see our guidance page for details.
Your obligation to carry out a risk assessment
Under Regulation 18 of the Money Laundering and Terrorist Financing Regulations, self-employed barristers and BSB entities who carry out work that falls within the scope of the Regulations must take appropriate steps to identify and assess the risks of money laundering and terrorist financing to which their practice or business is subject. Our risk assessment page has further information.
Declaration at Authorisation to Practise and obtaining a criminal records check
When you apply for or renew your practising certificate, you are asked to declare whether you carry out work that falls within the scope of the Money Laundering Regulations. If you do, you must obtain a criminal records check from the Disclosure and Barring Service if you were not subject to a criminal record check at Call. You can find further information about your obligations online.
National Crime Agency and Suspicious Activity Reports
The National Crime Agency (NCA) has prepared a set of frequently asked questions on the process for obtaining a Defence Against Money Laundering (DAML). A DAML is a term used by the NCA to refer to “appropriate consent” to carry out an activity that may result in a person committing a principal money laundering or terrorist financing offence.
Protocol with the Bar Council
The General Council of the Bar is the designated Professional Body Supervisor under the Regulations. In line with our Protocol for ensuring regulatory independence, supervisory responsibility is delegated to the Bar Standards Board. We have a Protocol for Anti-Money Laundering and Counter-Terrorist Financing with the Bar Council which sets our respective roles under the Regulations.
Contacting us with a concern about Money Laundering
The BSB’s Money Laundering Hotline is a confidential service that anyone can use to report a concern to us about a person or an organisation we regulate, in connection with Money Laundering.
If you have any comments or questions about this page, please contact us.