Compliance Burden

The heavy compliance burdens placed on solicitors as a result of the anti-money laundering regime have been highlighted by the Law Society. In evidence to the House of Lords European sub-committee on home affairs, chief executive Des Hudson raised the disproportionate burdens placed on solicitors by the regime. In the written submission, the Law Society pointed out that no detailed cost/benefit analysis has been undertaken into the effectiveness of the Financial Action Task Force’s recommendations, various European Directives or the UK anti-money laundering regimes.