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Regulators should illustrate the effectiveness of anti-money laundering rules to firms

Jonathan Fisher QC has recently written an article on Legal Week online commenting on the current SRA money-laundering regime.

Following the SRA’s crackdown on weak anti-money laundering systems in solicitor’s firms, Jonathan writes that, ‘If the SRA wants to improve the quality of solicitors' suspicious activity reports, it must convince them of the regime's effectiveness’.

Jonathan believes that the Solicitors Regulation Authority (SRA) must show firms that the anti-money laundering rules, such as improving the quality of suspicious activity reports (SAR’s), will prove to be of great importance when helping to tackle crime. By revealing the effectiveness of the regime it may prevent resentment in an already over-regulated profession.

Fisher concludes his article by saying, if the SRA are going to improve the quantity and quality of solicitors' reports, increased enforcement activity is not the sole answer. Solicitors need to be persuaded that they are collaborating with a regime that effectively combats the evils of organised crime, and that SARs are not filed into an electronic black hole. In this regard, the NCA has much work to do.  

Read Jonathan Fisher’s full article on Legal Week online here or read the PDF form here.

Jonathan is ranked as one of the UK’s leading barristers in the areas of proceeds of crime, banking and financial services regulation and is noted by the Legal Directories as having great experience in cases involving money laundering.

Jonathan can be contacted to discuss any of the issues raised in the article at

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The views expressed in this article represent those of the author and not Bright Line Law.

The White Collar Centre