Prateek Swaika and Sagar Gupta of Boies Schiller Flexner discuss the regulatory framework of UK’s anti-money laundering regime and explore key legal developments.
In response to the Russian military action in Ukraine, the UK government has continued to impose stringent sanctions and strengthened its anti-money laundering regulations aimed at targeting Russian financial and trade sectors, state-owned media and individuals connected with the Russian government. In turn, this has influenced the attitude, risk appetite and risk exposure of businesses in recent months.
Considering the heightened scrutiny and evolving regulatory landscape, businesses (including accountants, consultants and lawyers) in the UK are facing ever-increasing oversight and must be careful not to run afoul of AML regulations. This includes instituting and maintaining up-to-date policies and procedures designed to promote and achieve AML compliance.
In the current climate, professional services firms are naturally concerned about the kinds of clients they represent. While there are obvious worries around sanctions and AML compliance, there are also broader issues, including access to justice and promoting the rule of law that professional service providers must grapple with.
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