United Kingdom: Top law firm fined record sum for breaching money-laundering rules

Mishcon de Reya, one of the UK’s most prestigious law firms, has been fined a record amount for committing “serious breaches” of money-laundering rules.

The London-based firm has agreed to pay a fine of £232,500, plus a further £50,000 towards the costs of the investigation, which was carried out by the Solicitors Regulation Authority (SRA).

In its decision, published on Wednesday, the regulator said Mishcon de Reya’s conduct had “potential to cause significant harm by facilitating transactions that gave rise to a risk of facilitating money laundering”.

The SRA investigation concerned work the firm carried out for two unnamed individual clients between September 2015 and April 2017, and corporate vehicles connected with the same two individuals.

This article was originally posted on guardian.com

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