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The Guardian - UK

Business

Kalyeena Makortoff Banking correspondent

UK law firms get ready for crackdown on money laundering

FCA United Kingdom SRA FATF

A cardboard box full of cash — Cash seized following a Met police investigation into suspected money laundering. Photograph: Rex

UK law firms are bracing themselves for a money-laundering crackdown as ministers race to improve the City’s reputation ahead of a fresh financial crime review.

The Financial Conduct Authority (FCA) has been designated as the new anti-money laundering watchdog for the legal sector, in a move that experts warn could result in “sharper” penalties and ultimately reshape the industry.

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