Jurisdiction(s):
United Kingdom

Dentons AML ruling: SDT dismisses SRA case despite breach of 2007 Money Laundering Regulations, casting doubt on England and Wales enforcement strategy and signalling costs risks for future prosecutions

Published on: 21 March 2024

Published by a Law360 reporter

Legal News

Article summary

The Solicitors Disciplinary Tribunal (SDT) has rejected the SRA’s prosecution of Dentons concerning its work for a politically exposed banker from a former Soviet state. The panel dismissed the case despite concluding the firm had contravened the Money Laundering Regulations 2007, SI 2007/2157. While the SDT found Dentons did not take sufficient steps to verify the client’s source of wealth, it decided there was no breach of the SRA’s principles. The tribunal has not yet released its reasoning. The SRA said it will review the written judgment before determining its next move...

The outcome serves as a cautionary moment for the SRA after it obtained a series of fines against prominent firms for anti-money laundering failings. ‘There’s no doubt that this is not the result the SRA will have wanted,’ commented Harriet Holmes, a manager at Thirdfort, a risk management platform. Recently, the SRA has ramped up enforcement and issued stronger warnings to practices about complying with measures aimed at countering money laundering and preventing criminals from entering the legitimate economy. Economic crime represents one of the greatest, if not the greatest, tests the legal sector has faced, bringing immediate financial and reputational risks for firms...

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