The Bar Standards Board (BSB) has today published its annual report for the 2023/24 fiscal year, setting out the actions that we have taken to counter money laundering, terrorist financing and economic crime in the period. The role of the legal sector regulators in relation to economic crime was clarified in the Economic Crime and Corporate Transparency Act 2023, which introduced a new Regulatory Objective into the Legal Services Act 2007 to promote the prevention and detection of economic crime.
Although very few barristers are directly involved in transactions that engage the Money Laundering Regulations (MLRs), the BSB is determined to ensure that the Bar plays its part in combatting illicit financing. All barristers have to declare at Authorisation to Practise (when they renew their practising certificate annually) whether they engage in work that falls within the scope of the MLRs. BSB entities must do the same on authorisation and annual renewal.
This report sets out how we are meeting our responsibility as a professional body supervisor under the Money Laundering Regulations for barristers and BSB entities in England and Wales. It highlights themes emerging from our supervision work over the fiscal year 2023-24 that will assist barristers when reviewing their own controls.
Commenting on the report, Director General Mark Neale said:
“The BSB oversees the Bar in complying with the relevant rules to prevent money laundering and to combat economic crime in a range of different ways. Our website is regularly updated and contains information to help barristers to comply with the Regulations. In addition, we shall shortly be launching a new page for chambers, bringing together and clarifying our regulatory requirements of barristers’ practice management in chambers. I would strongly encourage barristers to monitor our website, our monthly Regulatory Update and our social media platforms for the latest information.”
The full report is available on our website.
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Notes to editors
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