The Law Society has prepared guidance notes for solicitors on anti-money laundering to support you in meeting your statutory obligations in this area.
What is money-laundering?
'Money-laundering' is a process whereby the identity of ‘dirty money’ (i.e. the ownership and control of proceeds of criminal conduct, including tax offences) is disguised or altered through apparently-legitimate transactions and processes, so that the money appears to originate from a legitimate source.
What is Anti-Money Laundering (AML)?
The term ‘Anti-Money Laundering’ (AML) describes a set of controls which require certain bodies that might be targeted by money launderers to introduce measures to prevent money laundering and to report suspicious transactions. It is basically a set of legislative duties which prescribe the conduct of some professions in the provision of services so as to prevent the misuse of these services as money laundering vehicles.
Solicitors are subject to statutory AML obligations pursuant to the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2018.
Access Law Society Guidance
Solicitors can access a dedicated AML section under the Solicitors Regulations menu, providing useful information and links to external AML resources for solicitors. This information can assist solicitors in interpreting these statutory AML obligations. Resources include the Society’s ‘Guidance Notes for Solicitors on Anti-Money Laundering Obligations’.