Part 5 – Miscellaneous Regulatory and investigatory powers Section 207: Law Society: powers to fine in cases relating to economic crime
This section amends the Solicitors Act 1974 and the Administration of Justice Act 1985 to remove the existing statutory cap on the Law Society’s, as delegated to the SRA, power to direct a person to pay a penalty in relation to disciplinary matters relating to economic crime offences, for ‘recognised bodies’ (traditional law firms and sole solicitor's’ practices) and regulated individuals.
	This section removes the statutory fining limit to allow the SRA to set its own limits on financial penalties imposed for economic crime disciplinary matters. The LSB is still required to consider any changes to the regulatory arrangements "Economic crime" is defined with reference to section 193 of this Act. It includes offences listed in Schedule 11, ancillary offences and equivalent offences overseas. The offences include fraud, money laundering and terrorist financing and an offence under regulations made under section 1 of the Sanctions and Anti-Money Laundering Act 2018.