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The AML Legal Supervisors have agreed draft Legal Sector Anti-Money Laundering Guidance taking account of the changes introduced by Money Laundering Regulations 2017 (http://www.legislation.gov.uk/uksi/2017/692/made) which came into force on 26 June 2017. It is marked draft because it is subject to approval by HM Treasury which is expected later this year, and so may be subject to change. Once it has been approved by HM Treasury, the Guidance will be published in its final form.

Reactions from key legal services industry bodies to the Legal Services Board’s blueprint for radical form of legal regulation have ranged from enthusiastic welcome to anger at its timing, while the politician who introduced the Legal Services Act 2007 said tackling unmet legal need was more of a priority.

The Council of Licensed Conveyancers has announced its intention to apply to the Legal Services Board to approve the introduction of a solicitor-style open market indemnity scheme. The move has triggered warnings that law firms may switch regulator from the Solicitors Regulation Authority to the CLC for the wrong reasons.

The Council for Licensed Conveyancers (CLC) is planning to introduce solicitor-style indemnity insurance arrangements, in a bid to make it easier for law firms to switch regulator. Embracing an open market scheme instead of a master policy would help “make a reality” of the “theoretical” freedom of law firms to change.

Former Law Society chief executive Dame Janet Paraskeva has been named as the new chair of the Council for Licensed Conveyancers. Dame Janet, a non-lawyer, has been appointed for an initial four-year term.