On assuming the Presidency of the Law Society at the beginning of this year, I committed, as my first President’s Priority, to providing practitioners with the support and resources needed to meet regulatory obligations, including compliance with the AML/CTF regime.

I’m proud to announce that, this week, we are delivering a major part of that Priority, with the publication on Thursday of the Law Society of NSW AML/CTF Implementation Guide: for sole practitioners and small practices.

Sole practices make up almost two thirds of the private law practices in NSW. We developed the Implementation Guide with these practices front of mind, to help practitioners work through AUSTRAC’s Legal Profession Program Starter Kit by providing clear, practical steps to develop an AML/CTF compliance program.

As you will be able to read in my Foreword to the Implementation Guide, the new obligations on solicitors arising from the Tranche 2 AML/CTF reforms reflect the profession’s commitment to playing its part in upholding the rule of law. Helping combat money laundering and terrorism financing across our community is now a legislated responsibility of the legal profession.

We could not have developed this valuable tool without input and feedback from the profession. The Implementation Guide has also benefited from our close collaboration with AUSTRAC and Grant Thornton, whose combined efforts resulted in the Starter Kit.

The Implementation Guide’s publication this Thursday is intended to help practices establish their AML/CTF programs by 1 July, and support ongoing compliance thereafter. In the months, and even years, following, we know that the AML/CTF landscape will continue to evolve. The Law Society will be here throughout that evolution, to support the profession with ongoing updates and guidance, and assist practitioners to navigate this significant change for their practices.

Contract terms no trivial matter
When was the last time you did a CPD session and came away a champion? On Wednesday, 22 April, you’ll have the chance to show your contract law chops in the In-house Corporate Lawyers Forum: Contract Law Quiz.

Hosted by Scott Alden, partner at Mills Oakley and a recognised expert in drafting and advising on commercial and construction contracts, this event will sort the implied from the express, and put attendees’ knowledge of key contract principles to the test.

The event is free for members. You may, however, need to check your copy of Carter & Harland at the door. Register here.

Ronan MacSweeney, President, The Law Society of NSW