Lawyers in the region could play a key part by ensuring their clients are aware of and work within new regulations on money laundering.
Faced with severe penalties - including prison - for not complying with recently introduced regulations, Birmingham Law Society is urging city solicitors to advise clients on how to work within the new law.
The Money Laundering Regulations have been brought in to detect money laundering activities outside the existing regulated sector of financial services.
Money laundering is the transfer of illegally obtained money to conceal its origins, and the new regulations are part of the Treasury's strategy to tackle both money laundering and terroristfinancing. The regulations, which came into force in March, have extended the range of businesses to which they apply.
Casinos, estate agents, lawyers, accountants and dealers in high value goods who accept single "cash" transactions of £10,000 or more are among those to whom the regulations now apply.
Since April 1 high value dealers - such as car dealers, auctioneers, jewellers, antique and fine art dealers and anyone accepting cash of £10,000 or more in one transaction - will also have to apply to register with Customs and Excise.
Birmingham Law Society says most lawyers - and accountants and estate agents - are aware of what they have to do but warn that some firms may not be.
"Businesses that deal in large cash transactions will need to put in place a series of procedures to ensure that they do not fall foul of these regulations," said Philip Steel, spokesman for Birmingham Law Society.
"Money laundering is high on the Government's agenda and businesses that are selling high value goods paid for in cash - and that includes travellers' cheques in any currency - need to be aware of the scope of the regulations. The penalties mean that none of this can be taken lightly."
The new regulations call for customer identification procedures, training to help staff recognise suspicious transactions, detailed record keeping and internal reporting of potential money laundering which can be passed on to the National Criminal Intelligence Service.
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