The Law Society of England and Wales’ Money Laundering Task Force has taken on a new name as the Economic Crime Task Force, to reflect its current scope and role.
The Economic Crime Task Force new terms of reference are:
The role of the Economic Crime Task Force is to advise on all matters relating to economic crime and sanctions including:
- to promote the targeted and proportionate implementation of the regulatory objective;
- to advise on guidance to solicitors about their professional, regulatory and legal responsibilities;
- to advise on the approach that should be taken in responding to proposals for new legislation and/or prospective legislative changes and guidance from government or elsewhere and in promoting reasoned and proportionate legislation, regulation, and guidance;
- to review and comment where necessary on all economic crime and sanctions related consultations; and
- to promote the protection of the profession’s interests and represent its views, in a way which is consistent with driving excellence in the profession, safeguarding the rule of law and protecting everyone’s right to have access to justice
Law Society president Nick Emmerson, said:
“Over the last few years, there has been a considerable expansion across the compliance landscape. This includes not only anti-money laundering, but also sanctions, bribery and corruption and the Economic Crime and Corporate Transparency Act 2023, which has meant there is a wider focus that includes promoting the prevention and detection of economic crime.”
The name change will provide for an increased scope of membership expertise to be recruited directly to the Task Force and wider network, add clarity to internal and external stakeholders on its role and simplicity on the scope of support it can provide to members.
Consistency in terminology will also be achieved, providing flexibility in providing material and content relevant to members.”
