Law firms raise more concerns on money laundering

The number of times that UK-based law firms were seen to be facilitating or perpetrating possible money laundering more than doubled between 2012 and 2013.

05 March 2014

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The Solicitors Regulation Authority (SRA) is the regulatory which handles reports of suspected cases. The SRA, in its latest update to its Risk Outlook, says that there were 24 such reports in 2012 and 68 in 2013. The SRA update says: 'We currently have a number of ongoing serious money laundering cases involving law firms, and we see this risk as both serious and increasing. We are currently dealing with issues including involvement with the Russian mafia and inappropriate transactions following the Arab Spring.' Source: SRA