On 1 July, law firms will become subject to the requirements of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT). We have been hard at work implementing these requirements into our client experience. This article is intended to outline what the changes will mean for you, as our client.
What is AML/CFT?
AML/CFT is part of a global movement for countries to introduce practical measures aimed at eradicating the ability for criminals to profit from their crimes, and also to prevent the supply of money to terrorist organisations.
The Government is introducing these measures in stages. You may have noticed it has already been implemented in particular businesses, such as banks and casinos. Law firms are one of the next industries to be subject to the AML/CFT requirements.
Law firms in particular have been identified as a way in which criminals attempt to move money and ...