PRESS RELEASE
13 June 2019

AML Risks To Law Firms – Shaul Brazil And Caroline Mair Interviewed By LexisNexis

BS
BCL Solicitors LLP

Contributor

BCL Solicitors is a law firm with a single-minded ambition – to achieve the best possible outcome for each and every client. We specialise in corporate and financial crime, regulatory enforcement and serious and general crime. We offer discreet, effective and expert advice to corporations, senior executives, public bodies and high-profile individuals.
Law firms are particularly vulnerable to being used to facilitate money laundering and terrorist financing because they can potentially provide legitimacy to 'dirty' funds by
United Kingdom

BCL's Shaul Brazil and Caroline Mair are interviewed by LexisNexis to explore the risks of money laundering and Terrorist financing to law firms.

You can read the full article here.

An extract from the article*:

"Law firms are particularly vulnerable to being used to facilitate money laundering and terrorist financing because they can potentially provide legitimacy to 'dirty' funds by, for example, allowing use of their client accounts in transactional work and more generally by acting as regulated 'professional enablers'. Law firms are most vulnerable to being used in this way when acting in certain high-risk areas—not least, for example, when offering trust and company services. Without robust AML policies and procedures being put into place—which provide law firms with the capability of preventing them being used to facilitate money laundering or terrorist financing serious regulatory disciplinary action and even criminal culpability may follow. Failure to properly implement robust AML policies and procedures is therefore capable of causing serious damage to the reputation of the legal sector as a whole."

*This article was originally published by LexisNexis on 3rd June 2019.

PRESS RELEASE
13 June 2019

AML Risks To Law Firms – Shaul Brazil And Caroline Mair Interviewed By LexisNexis

United Kingdom

Contributor

BCL Solicitors is a law firm with a single-minded ambition – to achieve the best possible outcome for each and every client. We specialise in corporate and financial crime, regulatory enforcement and serious and general crime. We offer discreet, effective and expert advice to corporations, senior executives, public bodies and high-profile individuals.

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