Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money definition

What does Money mean? In legal practice, money refers to the generally accepted means of payment used to discharge monetary obligations, pay for goods and services, and satisfy judgments. It ordinarily includes cash (banknotes and coins, typically sterling in the UK and euro in Ireland) and sums standing to the credit of a bank account transferable by cheque or electronic transfer; it can also include foreign currency if agreed. The term is descriptive rather than strictly defined, though related concepts are defined in legislation. 'Legal tender' identifies what must be accepted in settlement of a debt: in England and Wales, Bank of England notes...

MLR 2017 for law firms: in-scope services, ‘independent legal professional’/TCSP/Tax Adviser status, exclusions, carrying on business in the UK, SRA/LSAG guidance and group-level policies

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Practice notes

This Practice Note explains the reach and operation of the money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. It is intended for law firms.

scope

The MLR 2017 form part of the UK’s wider anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing framework. They create administrative obligations that sit alongside the criminal limbs of the regime found in the Proceeds of Crime Act 2002 (POCA 2002), the Terrorism Act 2000 (TA 2000) and related sanctions legislation. There is some overlap. These requirements run parallel with criminal provisions. Since taking effect in June 2017, the MLR 2017 have been amended on numerous occasions. Their objective is to stop the misuse of professional services for money laundering by requiring professionals to know their clients and to keep under review how clients use those services...

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Web page updated on 22/05/2026

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