Articles
Making Sense of the Register of Overseas EntitiesAugust 22, 2022The government introduced the register of overseas entities on 1 August 2022 requiring anonymous foreign owners of UK property to reveal their identities. The intention of the legislation is to make it more difficult for foreign criminals to launder money through UK property. This article looks at some of the issues law firms may encounter in relation to these provisions.Read More
New SRA Fining Powers Take EffectJuly 18, 2022SRA announces that its controversial increase in fining powers will take effect from 20 July 2022 with the maximum fine that the SRA will be able to impose on solicitors, traditional firms (recognised bodies or recognised sole practices) and the individuals who work in them being increased from £2,000 to £25,000.Read More
Official AML Guidance Updated and ApprovedJuly 15, 2022HM Treasury has given approval to the Legal Sector Affinity Group Anti-Money Laundering Guidance Note first published in January 2021. The announcement includes some changes of emphasis, if not direction, such as the position in relation to beneficial owners, which should be addressed in any forthcoming AML policy reviews.Read More
Data Protection Post-BrexitJuly 3, 2022Last month saw the publication of "Data: a new direction - government response to consultation" which contains those provisions likely to find their way into the government's Data Reform Bill. The government has stated that it wants to “establish the UK as the most attractive global data marketplace” and to “create a framework which empowers citizens through the responsible use of personal data”. Here we look at some of those provisionsRead More
Corporate Transparency – identity verification for company directorsJune 16, 2022Proposals designed to provide a fundamental shake-up of existing processes at Companies House have been put forward by the government in its White Paper on Corporate Transparency and Register Reform. The changes, which affect principally UK company directors, persons having significant control (PSCs), and third parties involved in filing information at Companies House, are intended to be yet another step in the fight against dirty money.Read More
More SRA Checking of AML Compliance RequirementsJune 12, 2022SRA requiring firms to respond to AML questionnaire covering the levels of current activity within the firm and the specific controls that the firm has adopted to manage this particular aspect of its operations.
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ConfidentialityMay 13, 2022Increasingly, reports of confidentiality breaches are being made to the SRA. With this in mind, the SRA has published revised confidentiality guidance covering some of the most important areas. This article looks at that guidance and at some of the situations that it envisages.Read More
Separate Businesses – New SRA GuidanceMay 12, 2022The obvious attractions of having a separate business - reducing costs enabling savings to be passed on to clients and making the business as a whole more competitive - is not without its problems, in particular the need to provide clients with information about the regulatory status of the business. This article looks at recent SRA guidance on this point.Read More
2022 Updates to the Conveyancing Quality Scheme (CQS)April 21, 2022Despite it not being well publicised, the Law Society has made some significant changes to the CQS standard. These are due to come into effect on 1st May 2022. This article takes a critical look at the scheme and provides an overview of some of the changes that will be taking place.Read More
Legislative Responses to the Russian Invasion of UkraineApril 21, 2022The crisis in Ukraine has led to a flurry of activity in Parliament. This has included the fast tracking into law of the Economic Crime (Transparency and Enforcement) Act 2022, coupled with the promise of a further “substantial piece of legislation” to follow in the next session of Parliament. Here we look at the various changes so far and the proposals for what is likely to follow shortly.Read More