The UK's Law Society commented last week that the government appears to be adopting a "practical and sensible approach" to the latest money laundering directive from Brussels.
In its consultation on the implementation of the Third European Money Laundering Directive, the government has indicated that it will not make any amendments to the Proceeds of Crime Act that would erode legal professional privilege.
Fiona Woolf, Law Society president, last week expressed hope that these proposals will mark an end to the era of gold-plating EU legislation.
She explained that:
”The government has accepted our arguments that the status quo must be maintained and legal professional privilege protected. We are also pleased that solicitors, unlike other advisers, would not need to sit new competency tests before they are allowed to administer trusts and estates."
”The Treasury has realised that it does not need to go beyond the requirements of the latest money laundering directive. It is vital that any emerging legislation to combat money laundering is proportionate and does not place excessive, financial burdens on our law firms."
She concluded:
”We will continue to work constructively with the government to improve these proposals. More could be done to protect solicitors who make suspicious activity reports to the authorities. We are not convinced that the authorities have established proper procedures to ensure confidentiality for solicitors and others making reports.”
The full text of the UK Government's Money Laundering Directive Consultation can be found in the Tax News Resources section.
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