Money Laundering | Conduct & Ethics | Financial Services | Solicitors' Accounts Rules
Money Laundering
The Proceeds of Crime Act 2002 and the Money Laundering Regulations impose major obligations on solicitors and accountants. Amendments to the legislation have been made by the Serious Organised Crime and Police Act 2005 and changes in the interpretation have occurred as a result of the Court of Appeal’s decision in Bowman v Fels (2005). New Money Laundering Regulations came into force in December 2007. We provide training sessions which assist firms in complying with their statutory staff training obligations. Failure to organise training in Money Laundering procedures can be a criminal offence.
Conduct & Ethics
The Solicitors’ Code of Conduct 2007 was amended on 31 March 2009 as a result of the partial implementation of the Legal Services Act 2007. The 2007 Code will be repealed on 6th October 2011 and replaced by the new Code contained in the SRA’s Handbook. The Handbook contains all the regulations applicable to firms authorised to provide legal services by the SRA – both traditional law firms and Alternative Business Structures (which will be licensed from 6th October 2011). The SRA’s approach in the new Code is to move away from rule-based regulation to, where appropriate, a system of outcome-focused regulation, providing more flexibility in the delivery of legal services. This will mean, however, that firms will have to adopt suitable policies and systems (and, where necessary, be able to demonstrate that they have done so) to achieve the mandatory outcomes. We provide training and consultancy on the obligations in the Handbook and on the recent changes, including the impact of the introduction of firm-wide regulation, Legal Disciplinary Practice and Alternative Business Structures.
Financial Services
Most firms of solicitors are not authorised by by the FSA and manage to avoid the need for authorisation through a series of exclusions and exemptions contained in the Financial Services and Markets Act 2000. Failing to apply the correct exclusion or exemption can lead to criminal penalties. Our training sessions provide a comprehensive guide to the regulatory regime including changes made to mortgage regulation (October 2004) and insurance regulation (January 2005).
Solicitors' Accounts Rules
The Solicitors’ Accounts Rules 1998 apply to all firms of solicitors. Amendments to the Rules came into force on 31 March 2009 as a result of the partial implementation of the Legal Services Act 2007. The SRA also took the opportunity to make some clarifying amendments at the same time. The 1998 Solicitors’ Accounts Rules will be repealed on 6th October 2011 and replaced by a new set of rules contained in the SRA’s Handbook. Significant changes are made to the way in which firms are required to authorise the withdrawal of client money and the treatment of interest on client funds. Many accountants’ firms provide an annual Accountant’s Report on compliance with the Rules. We can provide training and consultancy services at all levels: partner/fee-earner; cashiers and other accounting staff; and audit providers.