The Legal Sector

AWARENESS

There certainly is increased awareness of the need for compliance and it is a prod- uct of many factors, the most important of which is the immense increase in regula- tion that has occurred in re- cent years. Anti-money laun- dering legislation has become much more wide-reaching, the pressure against tax eva- sion (and, unfortunately, against legitimate tax mitiga- tion) has led to increased reporting and information exchange requirements and businesses are subject to more detailed and rigorous financial reporting requirements.

SIGNIFICANCE

Compliance is set to gain even more significance and I do not see the regulatory tide turning any time soon. Ten years after the start of the global financial crisis, there is no sign of any sustained recovery and the global business and financial systems are still vulnerable. People running businesses are under enormous pressure to deliver results, and this some- times leads to them cutting corners – the various