Eighteen solicitors were sanctioned by the Solicitors Disciplinary Tribunal last year for breaches of anti-money laundering (AML) obligations, the Law Society has reported.
It has also identified litigation and alternative business structures (ABSs) as among the increased risks of money laundering facing the profession.
In their annual report to HM Treasury on their activities as the AML supervisor for solicitors in England and Wales, the society and the Solicitors Regulation Authority said six solicitors had been struck off, two suspended, eight fined and two reprimanded.
In addition, one solicitor was struck off for a conviction under the Proceeds of Crime Act 2002, while two more were refused restoration to the roll due to convictions under the Act.
The report said “the key methodologies and warning signs of money laundering and terrorist financing remain relatively consistent for the legal sector”, but there are increased risks in four main areas.
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