The Bar Standards Board (BSB) has today published its annual report for the 2022/23 fiscal year, setting out the actions that we have taken to counter money laundering, terrorist financing and economic crime in the period. Although very few barristers are involved in transactions that engage the Money Laundering Regulations (MLRs), the BSB is determined to ensure that the Bar plays its part in combatting illicit financing. All barristers have to declare at Authorisation to Practise (when they renew their practising certificate annually) whether they engage in work that falls within the scope of the MLRs. BSB entities must do the same upon authorisation and annual renewal.
This report explains how the Bar Standards Board collaborates with the Government, other regulators, the legal professions and law enforcement to tackle the threat of money laundering, terrorist funding and economic crime. We expect this collaboration to become even more important now that the Economic Crime and Corporate Transparency Act has introduced a new Regulatory Objective into the Legal Services Act 2007, to promote the prevention and detection of economic crime.
Commenting on the report, BSB Director General Mark Neale said:
“The BSB oversees the Bar in complying with the relevant rules to prevent money laundering and combat economic crime in a range of different ways. The BSB website contains regularly updated information to assist barristers with complying with their obligations. I strongly encourage barristers to monitor it for the latest information. The BSB’s Money Laundering Hotline is a confidential service that anyone can use to report a concern to the BSB about a person or an organisation they regulate, in connection with money laundering.”