The Law Society of Scotland is giving its members access to an innovative anti-money laundering (AML) film-based training tool produced by the Institute of Chartered Accountants in England and Wales (ICAEW) and HM Revenue & Customs (HMRC). The tool is designed to enhance solicitors’ awareness of economic crimes, particularly money laundering. The film dramatises examples…
Client Due Diligence: Anti-Money Laundering and Ethical Obligations for Lawyers
Hardy, P. D., & Danch, S. Client Due Diligence: Anti-Money Laundering and Ethical Obligations for Lawyers. When the so-called “Panama Papers” scandal broke in 2016, it cast an unpleasant spotlight on the potential role of lawyers across the globe assisting – knowingly or unknowingly – their clients in money laundering, tax evasion, and other illegal…
The role of legal professionals in the European and international legal and regulatory framework against money laundering
Valvi, E. A. (2023). The role of legal professionals in the European and international legal and regulatory framework against money laundering. Journal of Money Laundering Control, 26(7), 28-52. Abstract Purpose – The aim of the present study is to shed light on the role of legal practitioners, namely, lawyers and notaries, in the fight against money laundering:…
March Feature – Anti-Money Laundering
On 23 February the fifth Financial Action Task Force (FATF) plenary session concluded with some important outcomes for the legal industry. Three days of discussions on key money laundering, terrorism financing and proliferation financing issues have produced new risk-based guidance for the implementation of Recommendation 25 on the beneficial ownership and transparency of legal arrangements. This…
The role of legal professionals in the European and international legal and regulatory framework against money laundering
Valvi, E. A. (2022). The role of legal professionals in the European and international legal and regulatory framework against money laundering. Journal of Money Laundering Control, 26(7), 28-52. The aim of the present study is to shed light on the role of legal practitioners, namely, lawyers and notaries, in the fight against money laundering: Are they considered…
Lawyers as money laundering enablers? An evolving and contentious relationship
Levi, M. (2022). Lawyers as money laundering enablers? An evolving and contentious relationship. Global Crime, 23(2), 126-147. Using limited datasets and case studies drawn from the Global North and South, this article critically considers the available evidence about the involvement of lawyers in elite money laundering and attempts to control their involvement. In addition to lawyers’ lobbying…
The Solicitors Regulation Authority has published an anti-money laundering and terrorism financing risk assessment for the legal industry
The Solicitors Regulation Authority has published an anti-money laundering and terrorism financing risk assessment. The report aims to assess the risks associated with money laundering and terrorist financing in different sectors. The report provides an overview of the risks associated with different sectors, including banking, insurance, and securities. It also provides information on the regulatory…
Law Society of Scotland publishes initial AML attestation findings
The Law Society of Scotland has published its initial findings from its new AML attestation process. This is the first step in a new regime and involved selected firms to complete the new attestation document. The Law Society has found the first set of responses has highlighted some interesting points: R.21 requirements appear to be…
Legal Sector Affinity Group of the Law Society of Scotland implements updated AML guidance
The Legal Sector Affinity Group has implemented it’s updated guidance on anti-money laundering. The guidance has been approved by HM treasury. The updates reflect changes in the Money laundering, Terrorist Financing and Transfer of Funds Regulations 2017. These include: Guidance on the new requirement to carry out proliferation financing risk assessments, either as part of…
HM Treasury releases Anti-money Laundering and Countering the Financing of Terrorism: Supervision Report 2020-2022
HM Treasury has released a report : Anti-money Laundering and Countering the Financing of Terrorism: Supervision 2020-2022. The report, which was published in December 2022, reports on the activity and performance of legal pubic body supervisors in tackling anti-money laundering. The key findings in the report are as follows: inadequate documented policies and procedures inadequate…