The recent convictions of seven individuals involved in a Chinese underground banking network highlight the complexities and risks associated with money laundering through informal value transfer systems (IVTS). This network was responsible for laundering over £55 million between February 2020 and June 2023, utilizing methods that circumvent traditional banking systems and national currency controls. The…
Anti Money Laundering Suspicious Activity Reports thematic review initial findings
The Law Society of Scotland’s Anti-Money Laundering (AML) team has published initial findings from its thematic review of Suspicious Activity Reports (SARs), indicating robust procedures in many firms but also highlighting areas needing improvement. The review, which examined 50 legal practices via a questionnaire, aimed to gauge the profession’s grasp of the SAR regime and…
Anti-Money Laundering vulnerabilities analysis
The Law Council of Australia recently commissioned an independent analysis of the risks facing the Australian legal profession in relation to money laundering and terrorism financing. This analysis reveals that while there are positive attitudes and behaviours regarding integrity and risk awareness, certain vulnerabilities still persist. These vulnerabilities vary across jurisdictions and practice types, with…
Conveyancers should move away from holding client accounts
Licensed conveyancers in England and Wales are being encouraged to transition away from maintaining client accounts, as discussed at a round-table hosted by the Council for Licensed Conveyancers (CLC). The discussion highlighted the risks and regulatory burdens of managing client accounts, including compliance, cybersecurity, and anti-money laundering efforts. Contributors to the discussion from the payments…
Law Society of Scotland offers innovative AML training film to its members
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…