01 November 2022
2021/22 LSNI supervisor's annual report - AML
The Law Society of Northern Ireland (the Society) is
responsible for regulating professional standards and the propriety of
solicitors’ professional conduct in general, in order to maintain the
independence, ethical standards, professional competence and quality of
services offered to the public.
The Society’s overriding principle in exercising its’ regulatory
function is to regulate in the public interest, with the aim of protecting the
The Law Society of Northern Ireland is the professional body supervisor under the
Money Laundering, Terrorist Financing, Transfer of Funds (Information on the
Payer) Regulations 2017 (Amended) (the MLRs) for the solicitors’ branch of the
legal profession in this jurisdiction and exercises other co-regulatory
functions, with a remit across approximately 450 Firms in Northern Ireland.
This is the Society’s second annual report as part of its
responsibility as an AML supervisor and its duty to report information to the
Office for Professional Body Anti-Money Laundering Supervision under Regulation
46A of the MLRs.
For this purpose, the Society is reporting on the period 6
April 2021 to 5 April 2022 (‘the reporting period’).