Money Laundering Regulation Fight Starts
Law Society Statement
16 February 2007
"It is unacceptable for the government to pass the responsibility
of interpreting the incomprehensible language of this directive
to solicitors, who face possible imprisonment if they get it
wrong."
Approved paragraphs for client care letters or terms of
engagement:
The Law Society's Money Laundering Task Force has updated the
approved paragraphs for use in client care letters or terms of
engagement (PDF, 44kb), which may be adapted by solicitors for
use within their firms, and may include adding information about
the firm's limit on acceptance of cash, and/or policy on sending
funds to third parties. Firms may choose to insert material which
warns clients that they may be charged additional costs if they
circumvent the firm's cash policy by depositing cash direct into
the firm's bank accounts.