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2007 marks a major event in the history of anti-money laundering legislation. The Third EU Money Laundering Directive came into force on the 15th December, once again changing anti-money laundering (AML) procedures. This crucial new report from Managing Partner is a vital tool in helping you and your law firm avoid the pitfalls in this important but potentially damaging new legislation.

Historically, changes in AML legislation have provoked a significant reaction in the legal community. The introduction of new penalties in 2004 increased the number of ‘suspicious activity’ reports an incredible 3000 per cent. Many may contest that this reflects the unfair burden placed on firms by the legislation but one thing remains clear, non-compliance is not an option. Recent decisions in the court of appeal have further bolstered the strength of AML regulation; it is up to each lawyer to protect themselves again the personal and professional risk it represents.

Good practice is essential when implementing and maintaining AML procedures. For the individual the law is clear: non-compliance can result in fines and prison sentences. For the firm, transgressions can cost reputation, cash flow and future business. For all involved there is a moral imperative to guard against criminal and terrorist operations.  This new publication is an invaluable guide to ensure neither you nor your firm is threatened.

Tailoring his instruction specifically for the modern law firm, Geoffrey Dearing, solicitor at Brachers and lecturer for Central Law Training, offers practical advice backed up with a strong understanding of the legal problems.

This report contains:

• In-depth analysis and history of the five pillars of AML regulation:
• Terrorism Act 2000;
• Proceeds of Crime Act 2002;
• Money Laundering Regulations 2003;
• Law Society Guidance, issued Sept 3rd 2007;
• The Third EU Directive, in force from 15th Dec 2007.

Practical advice on how to prepare your firm: