England stays ahead of Europe in money laundering battle
Domestic money laundering regulations are in advance of other European countries - and will remain so following agreed wording of the new money laundering directive, English lawyers declared this week.The wording protects lawyers from reporting suspicions where they are legally privileged, but broadens the ambit of reporting to lawyers in conveyancing, trusts and company law, whereas before only investment finance lawyers were covered.Louise Delahunty, chairwoman of the Law Society's money laundering and serious fraud task force, said: 'We are in advance of the rest of Europe in money laundering regulation.
On the one hand this is a good thing, but the regime in the UK has to be workable and...
client privilege [must be] fully protected.'The European directive's wording reflects 'a constitutional and sacred' protection of privilege in continental countries, according to Toby Graham, of City firm Taylor Joynson Garrett.Jeremy Fleming
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