The Money Laundering Regulations 2003 made under the Proceeds of Crime Act 2002 came into force at the beginning of this week, but the earth continues to rotate steadily on its axis.

Nonetheless, the regulations and Act - with its forthcoming enforcer SOCA, (the serious organised crime agency) - will have considerable implications for legal practice in a variety of fields.

Already, the legislation has triggered anxieties, with lawyers concerned that the regulations effectively turn them into coppers' narks.

Indeed, the chairman of the Solicitors Family Law Association recently resigned in protest at what he said was a lack of willingness on the part of the association to challenge the act's provisions.

However, regardless of the ethical, moral and human rights arguments - and some suggest that in a world increasingly blighted by international crime as a means of financing international terrorism, old moralities must come under scrutiny - solicitors have no excuse for not being up to date with the regulations.

The Law Society has been vociferous - guidance from its money laundering task force is on Chancery Lane's Web site and will be posted to all firms, and a series of roadshows organised by its regional offices is soon to tour the country.

There is a strong argument that the government has not allowed sufficient time for the profession to get to grips with the regulations.

But while compliance is likely to be expensive - especially for small to medium-sized firms - non-compliance could prove to be even more costly.