The Bar Standards Board has today published its annual report setting out the action that the BSB has taken to counter money laundering and terrorist financing. Although very few barristers are involved in transactions that engage the Money Laundering Regulations, the BSB is determined to ensure that the Bar plays its part in combatting illicit financing.
During the annual renewal of their practising certificates, or authorisations, all barristers and BSB entities (businesses that specialise in the type of work typically undertaken by barristers) have to declare whether they engage in work that falls within the scope of the Regulations. The BSB has worked closely with the profession to ensure that they do so accurately, so that its supervisory activity is properly focused.
The report provides an opportunity for the BSB to share the work it is doing to prevent the Bar becoming involved in money laundering and to explain what everyone can do to support that work. It also sets out the action being taken in response to reports of possible breaches of the Regulations. The BSB’s Money Laundering Hotline is a confidential service that anyone can use to report a concern to the BSB about a person or an organisation they regulate, in connection with money laundering.
Commenting on the report, the Director General of the BSB, Mark Neale said
“Illicit finance poses a major threat to society and to the reputation of the UK as a place to do business. Barristers must also comply with economic sanctions, particularly following the Russian invasion of Ukraine. We know that few barristers are involved in activities which are covered by the Money Laundering Regulations – in part because barristers are forbidden to handle client money by the BSB Handbook - but that does not lessen our resolve to ensure that the rules are properly enforced.”
ENDS
Notes to editors
About the Bar Standards Board
Our mission is to regulate barristers and specialised legal services businesses in England and Wales in the public interest. For more information about what we do visit: http://bit.ly/1gwui8t
To find out more about the obligations of barristers under the Money Laundering Regulations please go to https://www.barstandardsboard.org.uk/for-barristers/compliance-with-your-obligations/anti-money-laundering-counter-terrorist-financing.html
Contact: For all media enquiries please call: 07432 713 328 or email [email protected].
