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24 March 2023 / Clare Hughes-Williams , Tom Bedford
Issue: 8018 / Categories: Features , Profession , Regulatory , Fraud
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Compliance crackdown ahead?

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Clare Hughes-Williams & Tom Bedford examine concerns about the Solicitors Regulation Authority’s increasing powers on SLAPPs & economic crime
  • The Solicitors Regulation Authority has indicated its intention to crack down on economic crime and strategic litigation against public participation (SLAPPs), with the penalties for transgressions looking set to increase.
  • The legal profession will need to find a way to balance client interests with its duties under the code of conduct.

The Solicitors Regulation Authority (SRA) already has wide ranging powers which it uses to regulate the profession and, in extreme cases, to close law firms.

Until last year, the maximum fine that the SRA could impose without referring a case to the Solicitors Disciplinary Tribunal (SDT) was capped at £2,000. In July 2022, the cap increased to £25,000 and may rise further when the Economic Crime and Corporate Transparency Bill is introduced.

Two critical areas of focus for the SRA are anti-money laundering and the prevention of economic crime generally, and strategic litigation against public participation, or SLAPPs.

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NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

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