24 October 2017

Publication of guidance on the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

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.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into effect on 26 June 2017 and can be found online. These replace the 2007 Money Laundering Regulations.

HM Treasury has decided that there should be one set of guidance for the legal sector in England, Wales, Scotland and Northern Ireland. We have 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Draft guidance has been agreed and submitted to HM Treasury for review and approval.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.