23 September 2019

New guidance on money laundering / terrorist funding

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the "MLRs"), will come into force on Monday 26 June 2017.

These replace the 2007 MLRs. The scope of the regulations, in so far as they apply to barristers, remain broadly the same. The MLRs will transpose the fourth Money Laundering Directive into UK legislation and also reflect the Government's response to consultations in the areas of supervisory obligations and a number of areas related to the compliance requirements for barristers and other "obliged entities" (ie. those subject to the MLRs).

The Bar Council is amending its guidance in light of the new 2017 Regulations, which may take some time. In recognition of the complexity in this area, the Legal Services Affinity Group (which is made up of all the legal professional bodies) is producing a unified set of guidance for all UK legal professionals, which is likely to be finalised - including Treasury approval - within a three - six month timeframe.