£50,000 fine and law firm director suspended over anti-money laundering failures 

Wilkinson Law Limited, trading as Strait Law, has been fined £50,000 and the firm’s director has been suspended for 12 months after the Legal Services Regulatory Authority (LSRA) found significant anti-money laundering compliance failures, with the firm set to close. 

The LSRA stressed that these findings do not mean that the Firm has conducted or engaged in money laundering, terrorist financing, or proliferation financing or sanctions evasion. 

Director of Strait Law Richard Andrew Wilkinson has been suspended from practice for 12 months and has been prohibited from acting as the firm’s director, senior compliance person or money laundering reporting officer for 18 months. 

In a statement Mr Wilkinson said he acknowledges the decision of the Legal Services Regulatory Authority and respects the role of the Authority as the regulator of the legal profession in Gibraltar. 

“Whilst Mr Wilkinson does not accept all of the findings and conclusions reached by the LSRA, he has taken the decision not to pursue a challenge to the decision,” the statement said. 

“This decision has been influenced by his age, his health, and his wish to avoid lengthy and costly proceedings.” 

“After many years in practice, Mr Wilkinson has decided that it is in the best interests of all concerned to retire from the profession and to bring the affairs of the practice to an orderly conclusion.” 

The statement added that the directors of Wilkinson Law Limited trading under Strait Law have resolved to cease trading and close the practice.  

“The firm's immediate priority is to ensure that all client matters are dealt with appropriately, that client monies are returned to their rightful owners, and that the closure process is conducted in a professional and responsible manner,” the statement said. 

“Mr Wilkinson would like to thank his clients, colleagues and professional contacts for the support they have shown him throughout his career.” 

The action follows an on-site inspection carried out by the LSRA on November 28 and December 2, 2025, as part of its supervisory role under the Proceeds of Crimes Act 2015. 

The regulator said it assessed the firm as having a low level of effectiveness in complying with its anti-money laundering, counter-terrorist financing, counter-proliferation financing and sanctions obligations. 

It also assessed the firm as high risk for money laundering, terrorist financing, proliferation financing and sanctions evasion under its inspection and risk-scoring framework. 

According to the LSRA, the inspection identified a number of compliance failings, including a failure to identify suspected money laundering and submit a suspicious activity report, weak internal reporting systems, and incomplete, unverified and outdated source of funds and source of wealth documents. 

The LSRA said the firm's practice risk assessment had not taken account of Gibraltar’s 2025 National Risk Assessment and key money laundering, terrorist financing and proliferation financing risks were not assessed. 

The LSRA said the firm had also been providing legal services relating to non-Gibraltar law matters. It said the non-compliance related both to authorised legal services provided in Gibraltar and to unauthorised legal services provided by the firm in the UK from Gibraltar. 

Alongside the £50,000 fine, the LSRA took enforcement action against the firm prohibiting from undertaking legal services or reserved legal activities outside Gibraltar and from using its client accounts for matters unrelated to the provision of legal services or reserved legal activities in Gibraltar. 

The firm has also been barred from undertaking new relevant financial business under POCA until it could demonstrate to the LSRA that it has complied with a remediation plan and implemented appropriate policies, controls and procedures to meet its regulatory obligations. 

The LSRA also reminded legal practitioners of their obligations under POCA and urged firms and professionals to familiarise themselves with the risks identified in Gibraltar’s 2025 National Risk Assessment and typology reports issued by the Gibraltar Financial Intelligence Unit. 

It said extended guidance on anti-money laundering, counter-terrorist financing, counter-proliferation financing and sanctions obligations for the legal profession will be published shortly.