Money Laundering Regulations
New Law Journal reports on the potential impact of the proposed changes to the Money Laundering Regulations (MLRs).
President Nick Emmerson said: “The MLRs are aimed at retail banks, which process hundreds of thousands of customer transactions daily.
“Many of the requirements are disproportionate, unnecessary and difficult to implement in practice for solicitors, particularly for smaller firms that have limited resources. We therefore welcome the opportunity to ensure the MLRs are more proportionate to the risks and emerging threats.
‘The MLRs should make it clearer that where a client is conducting activity outside their socio-economic profile, the solicitor should either update their profile or understand why and how they are involved in the unusual matter.”
CILEX Regulation
Inside Conveyancing reports on the Law Society’s concerns on the SRA’s regulation proposal for authorised and non-authorised members of the Chartered Institute of Legal Executives (CILEX).
Chief Executive Officer Ian Jeffrey said: “The SRA must seriously consider whether the time, resources and management focus required to integrate CILEX regulation into the SRA is wise, given the other priorities the SRA faces in light of the collapses of Axiom Ince, Metamorph, Kingly and the SSB Group.
Any change would negatively impact on consumers’ ability to clearly understand the legal choices available to them and to choose the right legal provider, especially where their legal needs are complex.
In common with CILEX members, we remain of the view that the regulation of CILEX members is best managed under the current bespoke arrangements with CRL.”
Gazette, New Law Journal and one other news outlet report that the SRA has not given any indication on when they will announce their decision on CILEX regulation and Law Society’s opposition to the proposal.
Property forms
New Law Journal and the Times Law Diary report on the Special General Meeting taking place on Tuesday 23 July.
Law Society chief executive officer Ian Jeffery said: “We will listen to and carefully consider the views of our members, expressed at the meeting and more widely.”
Disabled lawyers
Reena Parmar, the chair of the disabled solicitors network at the Law Society, speaks to Times about the importance of law firms and chambers responding to the needs of disabled lawyers who are excluded from inaccessible court buildings.
Also worth a read:
- Times (£) article about judges under fire after the Supreme Court ruled last week that Surrey county council was wrong to allow the expansion of a small oilfield and Lord Sumption, former justice of the Supreme Court, writes an opinion piece (£) on it.
- Firms face new rule to publish price information for all services – Legal Futures
- Election diary: Sunak and Starmer campaign in the Midlands in final week before polls – Telegraph (£)
- ‘Britain’s worst prison’ is far from an outlier in a ‘nasty, cruel, violent’ system – The Justice Gap
- General election latest: minister admits betting on Tory win – Times (£)
- Prenups and postnups aren’t just for the rich and famous – Times (£)
- Bolivia coup - latest: Army chief arrested after rebellion as president urges people to take to the streets – Independent
- Enforcing contempt laws in an age of global media – Times (£)