UK Law Society requires explaining Money Laundering Regulations
On January 12, 2007, the UK Law Society announced that new money laundering regulations are not clear enough, and even nearly impossible-to-interpret, and therefore they could put solicitors at risk of inadvertently committing criminal offences.
Also, the Law Society warned that the cost to clients of solicitor’s work in dealing with trusts will increase because of the new EU Directive.
The Law Society found a number of the terms in the new rules are unclear, and if not clarified by the Government, solicitors will have to make extensive inquiries to avoid inadvertently committing a criminal offence.
As ambiguities and discrepancies are unacceptable to be passed, the Law Society is requiring the regulations with workable definitions of important terms.