In anticipation of the Money Laundering Regulations 2003 coming into force on 1 March 2004, the Law Society has published fresh guidance for solicitors on the effect on them of the latest legislation. Under the new regulations most solicitors’ practices will fall into the regulated sector for many areas of legal work, including property transactions and much company and trust work. The new failure to report provisions in the Proceeds of Crime Act 2002 (POCA) will apply to this extended sector. The guidance has been published in pilot form so it can be revised in the light of comments from solicitors and developments in the enforcement and interpretation of the legislation. A revised version is likely in 6 to 12 months time. The Institute of Chartered Accountants has also published guidance for its members.
Law Society guidance[updated]
