Money Laundering and Terrorist Financing

Purpose: To draw barristers' attention to their obligations in relation to countering money laundering and terrorist financing, and to make practical suggestions in that regard

Scope of application: All practising self-employed barristers

Issued by: The Ethics Committee

Originally issued: January 2016

Last reviewed: April 2017
 
Status and effect: Please see the notice at the end of the 'Core Points' section of this document. This is not "guidance" for the purposes of the BSB Handbook I6.4.

To read this document, please click on the link below.

Money Laundering and Terrorist Financing

This guidance is currently being updated for compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and with the Draft Legal Sector AML Guidance below.

Important Notice

This document has been prepared by the Bar Council to draw barristers' attention to their legal obligations in relation to countering money-laundering and terrorist financing, and to make some practical suggestions in that regard. It is not "guidance" for the purposes of the BSB Handbook I6.4, and it has not been approved by HM Treasury. It cannot be regarded as a definitive statement of the law or of the effect of the law, and does not comprise - and cannot be relied on as giving - legal advice. It has been prepared in good faith, but neither the Bar Council nor any of the individuals responsible for or involved in its preparation accept any legal responsibility or liability for anything done in reliance on it. For fuller information as to the status and effect of this document, please refer to the professional practice and ethics section of the Bar Council's website here.

 

Legal Sector Anti-Money Laundering Guidance (Draft for HM Treasury approval)

Issued: September 2017

Legal Sector Anti-Money Laundering Guidance

The Legal Sector Affinity Group (LSAG) comprises all the legal sector supervisors and representative bodies for anti-money laundering/counter-terrorist financing in the UK. The General Council of the Bar of England and Wales is the supervisory authority for anti-money laundering/counter-terrorist financing for its members under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. In practice this supervision is delegated to the Bar Standards Board.

With the advent of the 2017 Regulations, HM Treasury asked the LSAG to draft a single piece of guidance for their approval, to be applicable to the whole legal sector in the UK.

The LSAG have now agreed this draft of the Legal Sector Anti-Money Laundering Guidance taking account of the changes introduced by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 which came into force on 26 June 2017. It is marked draft because it is subject to approval by HM Treasury which is expected later this year, and so may be subject to change. Once it has been approved by HM Treasury, the Guidance will be published in its final form.

Barristers should refer to those sections of this document which are applicable to them, as well as to the Bar Council's specific guidance to barristers.