ABSTRACT
This chapter examines the complex regime which applies to solicitors in the regulated sector when there is knowledge or suspicion that all or part of the subject matter of a transaction is 'criminal property' and that a report about this has to be made to the National Crime Agency. There is nothing new about money laundering and criminals have been doing this throughout the ages. What is relatively new, however, is the anti-money laundering framework which now applies to lawyers throughout the European Union. Most solicitors will probably never actually have to make a suspicious activity report (SAR) but if they are in the regulated sector need to fully understand the obligations placed upon them by the anti-money laundering framework. The Financial Action Task Force also recommends that those in the regulated sector should be 'prohibited by law from disclosing the fact that a suspicious transaction report or related information is being reported to the financial intelligence unit'.
