Although the provision protecting solicitors from prosecution if they inform a client that a money-laundering report has been filed against them was removed from the third money laundering directive in early May, it has been preserved in the legislation recently passed by the European Parliament as binding guidance.
The move will allow the UK to retain its carve out sheltering solicitors from 'tipping off' offences on the grounds of legal professional privilege, and has been welcomed by the Law Society, which drafted the provision initially.
Speaking following the approval of the legislation and guidance by the European Parliament, Law Society president, Edward Nally announced that:
"I am delighted that the European Parliament has voted to recognise the critical importance of preserving legislation that protects legal professional privilege in EU member states."
A two-year time frame for implementation of the directive has also been approved.
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