21 August 2019

Declaring work within the Money Laundering Regulations

On 18 January 2018, the new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) came into effect.

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which coincide with the creation of OPBAS, impose certain obligations on us as a regulator. These obligations include carrying out risk-based supervision, ensuring that only those who are fit and proper persons are conducting work that falls within the scope of the Regulations and providing a register of trust or company service providers to HMRC.

To enable us to comply with these obligations, we need to know which barristers do work within the scope of the Regulations. Therefore, barristers will need to make an accurate declaration through the new MyBar portal about whether they are undertaking, have current instructions, or in the last 12 months have undertaken, work which falls within the scope of the Regulations.

Furthermore, the government has set a new requirement for all relevant persons, including barristers who carry out work within the Regulations, to obtain a basic Disclosure and Barring Service (DBS) check.

You can find further information, including the new joint legal sector Anti-Money Laundering  guidance on our website.