Regulators told how to implement new economic crime duty

The article notes that the City of London Law Society said the outcomes “though broadly appropriate, should be more focused on prevention and education around economic crime risks” and the policy objectives “focused on regulatory bodies supporting lawyers to detect crime, rather than regulatory bodies focusing on detecting crime themselves”.

The Law Society backed the outcomes but also agreed with the CLLS that they should “focus predominantly on raising awareness and understanding of the economic crime risks”. The SRA proposed a further outcome around assessing and making the profession aware of the risks that economic crime poses to them personally.