The Law Society of Northern Ireland is the professional body supervisor and sole designated supervisory authority for the solicitors’ profession in Northern Ireland under the current Money Laundering Regulations 2017 (the MLRs).
The Society has published its sixth annual report published as part of its responsibilities as an AML professional body supervisor and its duty to report information on its AML supervisory activities under Regulation 46A of the MLRs.
Money laundering is not simply a theoretical threat. Current estimates suggest that over £100bn is laundered through or within the UK each year and Northern Ireland is not immune to the proceeds of crime.
The Society recognises the effective anti-money laundering (AML) work undertaken by solicitor firms in Northern Ireland to ensure that the proceeds of crime are not introduced into the wider economy and
the Society is committed to fulfilling its statutory functions as an AML professional body supervisor and to supporting solicitor firms in meeting their obligations under the MLRs.
The full report can be downloaded here:
