The supervisors of AML (Anti-money laundering) across the UK legal sector are warning of a new report that was published by the HM Treasury & Home Office on the risks of money laundering and terrorist financing lacks balance by its own admission and is not supported efficiently.
A response from legal professionals across the UK to the NRA (National Risk Assessment), regarding the government’s evaluation of money laundering risks in the UK, states that the level of engagement with the legal sector by those charged with drafting the report was not as efficient as the government had first hoped. AML experts within the legal profession in the UK are calling for better engagement in cooperation of the government with the legal sector so any future version of the NRA articulate a more balanced view of the supervisors, professions and law enforcement.
Money laundering risks can be exposed by any services provided or Lawyers involved in high value transactions. Professionals in the legal sector are working on the coal face of money laundering prevention require law enforcement agencies to be more active in sharing any knowledge so that they can keep abreast of ever-changing criminal scams to manage that risk and prevention attempts to corrupt legal professional services for financial gain.