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ARTICLE · 24 FEBRUARY 2021

Money Laundering: Who Bears The Burden?

BCL Solicitors LLP
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The cost of Anti-Money Laundering (AML) compliance, in terms of time spent by solicitors and other staff, is, by now, well known to most law firms.

United KingdomGovernment, Public Sector
John Binns
John Binns
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BCL partner John Binn's article 'Money Laundering: Who Bears the Burden?' has been published by Solicitors Journal discussing the governments claims that regulated firms should pay to help improve its efforts to tackle money laundering.

Here's an extract from the article:

Costs upon costs

The cost of Anti-Money Laundering (AML) compliance, in terms of time spent by solicitors and other staff, is, by now, well known to most law firms. But the government's new plan to help fund its efforts to fight money laundering threatens to impose a new financial burden on top. A number of issues have been raised in the consultation process, with notably different responses from the Law Society and the SRA. So, what will this mean for firms that are already overburdened by these complex issues?

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