• March 28, 2024
 Your firm is AT RISK if you don’t have reasonable prevention procedures in place

Your firm is AT RISK if you don’t have reasonable prevention procedures in place

Last week was another really busy week for the Legal Eye, Risk & Compliance Specialists, as they assisted many firms with their Implementation and Communication Plans to ensure that they were ahead of the curve in getting in place their reasonable prevention procedures to ensure compliance with the Criminal Finances Act 2017.

The only defence to these offences is that of having reasonable prevention procedures in place.  HMRC have stated that they do not expect all reasonable prevention procedures to be in place by 30th September 2017, but that there are certain steps that they do expect to be in place on that date. They have stated that they expect “… rapid implementation, focusing on the major risks and priorities with a clear timeframe and implementation plan on entry into force” whilst recognising that reasonable prevention procedures will change and evolve so what may be appropriate on day one, may not be appropriate a few years down the line.

Whether it’s a suite of documents you need or the time and space required to complete the policies, plans and procedures – or both – Legal Eye can assist.

Included in their suite of documents are the following:

  1. Implementation & Communication Plan;
  2. Criminal Finances Act Policy 2017;
  3. Firmwide Risk Assessment;
  4. CFA 2017 Suspicious Activity Internal Reporting Form;
  5. CFA Suspicious Activity Report Register;
  6. Statement of Compliance with the CFA 2017 – for displaying on your website and internally;
  7. CFA 2017 clause for your Terms of Business;
  8. CFA 2017 clause for your Outsourcing Agreements;
  9. Updated Matter Risk Assessments – with additional questions that relate to the prevention of risk of facilitation of tax evasion offences;
  10. Updated Learning & Development Plans – which includes reference to training under the Criminal Finances Act 2017;
  11. Annual Risk Review with references the CFA 2017.

In addition and, in light of the CFA 2017, the following policies, registers, plans etc will need to reference the Criminal Finances Act and the reasonable prevention procedures that you have or are putting in place to mitigate the risk of a facilitation offence occurring:

  1. Whistleblowing Policy;
  2. Expert and Counsel Policy;
  1. Recommendation of Third Parties to Clients Policy;
  2. Outsourcing Policy;
  3. Compliance Plan;
  4. Risk Register;
  5. Induction Checklist.

If this is still sitting on your to do list, call 0203 0512049 or email ds@legal-eye.co.uk

This article was submitted to be published by Legal Eye as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

Legal Eye

http://www.legal-eye.co.uk

Legal Eye works with law firms to ensure compliance and optimise performance. Their extensive and thorough knowledge of the law and regulations will ensure your law firm is compliant and your processes sound. Files are audited to ensure you are not only complying with the service level agreements you have in place, but very importantly, also the code of conduct.
They provide a documented audit trail which is firstly, a requirement of the code of conduct and secondly, essential for PI Insurance purposes and very often for CQS, Lexcel and other quality accreditations. This provides documented evidence of a proactive approach towards risk management. The advice they offer is clear and practical, and they pride themselves on exceptional customer service and unbeatable work quality. Services include:
  • Specialist expertise across the full range of regulatory, risk and compliance issues to inform your internal decision making.
  • Additional qualified resource where you simply do not have the time to review your regulatory position or to carry out essential ongoing tasks such as file reviews.
  • An online risk hub –  an online resource centre for law firms. The hub provides a comprehensive bank of resources to help COLPs, COFAs, partners, directors and managers to manage risk. It includes precedent policy and procedure documents and templates, access to online training on a range of risk and compliance topics, and a range of useful materials such as ‘how to’ guides, short videos and articles.
  • Drafting and review of key policies and procedures including the supply of ‘document packs’ to save you time researching and writing documentation.
  • Expert advice on how to comply with up-to-date regulation including the very latest requirements complete with a written set of recommendations.
  • Specialist outsourced complaints  handling service provided by former SRA and LeO officers.
  • Gap analysis of your firm’s policies, processes and procedures as they relate to the Solicitors Accounts Rules (SAR) including the production of a written report summarising the strengths and weaknesses of the current arrangements and detailing recommended next steps and actions to put your firm in an even stronger position.
  • Training on SAR and on anti money laundering (AML) as well as other finance-related training which can be delivered virtually for your firm, face-to-face (subject to government guidance) or online via Legal Eye’s Training Academy.
  • A Standard Procedures Manual to provide a practical and comprehensive roadmap for firms to follow when looking to double check whether the current operating procedures are fit for purpose, setting up a new firm – or arm of a firm – or starting a new finance function from scratch.
  • Experienced advice and support for one-off projects such as achieving quality accreditations or switching regulators.
  • Proven high quality training for fee earners and staff held at your office/s covering essential risk topics such as  Anti Money Laundering, data  protection, cybercrime, conflict of  interest and more.
  • Online training from The Legal Eye Academy – core modules available to all staff at their convenience. Includes built-in auto reminder functionality so that you no longer have to chase staff indi-vidually to complete important training. Your package includes free updates to ensure knowledge is always up to date.
  • Added value updates by email to all your key people covering all the latest updates on risk and compliance.
The Legal Eye team includes former solicitors, partners and directors in law firms; former case handlers at regulators such as the Solicitors Regulation Authority and the Legal Ombudsman and experienced risk and compliance professionals. Contact: Paul Saunders Tel: 0203 0512 049 Email:  bestpractice@legal-eye.co.uk Address The Old Grammar School Church Road Thame Oxfordshire OX9 3AJ