The Legal Services Board (LSB) is consulting on draft guidance for regulators on their duty to ‘promote the prevention and detection of economic crime’.
This duty was introduced by the Economic Crime and Corporate Transparency Act 2023. The draft guidance advises taking action on risks, monitoring compliance and regularly evaluating standards and procedures.
LSB chief executive Craig Westwood said: ‘Legal services regulators can play a crucial role in preventing economic crime, and the public harm it causes.’
The consultation will run until 7 February 2025, and can be accessed here.
