Risks to law firms hit record highs

A report by the Solicitors Regulation Authority (SRA) suggests that risks posed to law firms and the public by money laundering, cybercrime and suspect investment schemes have all reached record highs. Data revealed in the SRA’s annual Risk Outlook report shows that criminals are increasingly targeting law firms in order to steal tens of millions from businesses. Statistics include reports of money laundering relating to law firms having risen by two thirds since 2016; losses of £47.4m since 2015 due to possibly dubious investment schemes; and reports of cybercrime up 50% year-on-year, reaching a record high of 157 in 2017.