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Everyone has heard of Money Laundering in one form or another. Many may recognise the phrase from the US television series ‘Breaking Bad’ in which high-school Chemistry teacher Walter White plunges his money into a Car Wash to ‘clean it’ however not everyone realises how it applies in our day to day lives.
In essence Money Laundering is the process by which proceeds of crime are changed so that they appear to come from a legitimate source. In Walter White’s case, it’s not just the money from the sale of illegal drugs but also tax evasion and other corporate crimes.
Solicitors in England and Wales, along with other Professional industries, are bound by Money Laundering Regulations 2007 and the Proceeds of Crime Act 2002. The reason these regulations are in place is to ensure that we are not involved in any criminal activity and that any concerns are raised to the appropriate bodies, but above all, to check the identity of potential clients before we act on their behalf. They aren’t about checking up on clients though; they ensure that our in house controls are sufficient and that all members of staff have had the necessary training. Ultimately, these regulations are in place to protect both the client and the firm.
Here at Joseph Frasier Solicitors our commitment to Compliance is key. We are here to help our clients through the sometimes tangled web of the Law and we understand that, in order to do this, client care is paramount from the beginning until the very end.
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