Speaking at the American Bar Association's annual conference in Atlanta, the newly appointed president of the UK Law Society, Edward Nally hinted that a legal challenge to the UK's new anti-money laundering laws could soon be launched.
Slamming the new regulations for being too onerous in nature, and imposing a high financial and compliance burden on solicitors, Mr Nally told the Law Gazette that:
"The time is now right for a possible challenge. The concerns about the regulations are maturing nicely. The unexpected reach of the regulations and their proportionality are becoming much more clear."
Mr Nally went on to reveal that according to recent figures, the Law Society's ethics department receives around 40 calls per day from solicitors concerned about breaching the regulations. Solicitors are thought to account for around 80% of the suspicious activity reports made to the National Criminal Intelligence Service.
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