Anti-Money Laundering Compliance and the Legal Profession
Money laundering is a global issue and there is evidence that the services provided by the legal profession may be misused to launder the proceeds of crime. This book explores the experiences of professionals within Top 50 law firms when seeking to comply with the UK’s anti-money laundering (AML) regime.
The book draws upon empirical evidence from 40 in-depth interviews with solicitors and compliance personnel from 20 Top 50 law firms. Access to this section of the legal profession is challenging in the context of academic research, and the research provides an account, seldom heard in academic literature, directly from practitioners. The book uses these research findings to explore and discuss the AML compliance issues faced by this section of the profession. It highlights the challenges presented by the legislative architecture of the Proceeds of Crime Act 2002, and considers compliance issues relating to customer due diligence, AML training, the client account and the suspicious activity reporting regime. It also considers participants’ perceptions of the regime, their role within it, and their own assessment of money laundering risk. It concludes by using this evidence to recommend amendments to current AML policy and legislation.
This book will be of interest to students and researchers studying Financial Crime Law, Business and Company Law, and White Collar Crime, as well as policy makers in the areas of money laundering, compliance, and corruption.
1 – Anti-Money Laundering and the UK Legal Profession
2 - The UK AML Regime
3 – Methodology
4 - The UK AML Legislative Framework
5 - The Mechanical Aspects of the UK AML Regime
6 - The Suspicious Activity Reporting Regime
7 - Participants` Perceptions of the UK AML Regime
8 – Conclusion
"Kebbell has produced an extremely well written and carefully researched monograph, which provides a unique and fascinating commentary on the relationship between the legal profession and anti-money laundering. Each chapter is well argued, comprehensively leading the reader towards an intriguing set of conclusions and recommendations."
Professor Nicholas Ryder, University of the West of England.