15 December 2017

Anti-money laundering and Counter Terrorist Financing

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.

Guidance

 

HM Treasury has decided that there should be one set of guidance for the legal sector in England, Wales, Scotland and Northern Ireland. The BSB has been working with the other legal regulators and representatives from the professions to develop the joint guidance.

Draft guidance has been agreed and submitted to HM Treasury for review and approval. HM Treasury has agreed that it can be published while we are waiting for approval. This means that it may be subject to change. We expect that HM Treasury will review the Guidance by the end of 2017.

You are not required to follow this guidance, but doing so will make it easier to account to oversight bodies for your actions.

The Bar Council is in the process of updating its guidance with some case studies to further assist barristers, chambers and BSB entities in applying the Regulations.

Updates

 

As of 8 August 2017, barristers have a legal requirement to report to the Office of Financial Sanctions Implementation (OFSI) information that could undermine UK financial sanctions. See OFSI's website for further information.