Anti-Money Laundering: Issues for Legal Practitioners
Anti-Money Laundering: Issues for Legal Practitioners
Wednesday 29 June 2016
Recording and paper
Length: 1 hour 9 minutes
Unit type: Practice Management
Recorded on 29 June 2016

Shannon Adams - Piper Alderman

John Goldberg - Cowell Clarke

The legal profession is said to be vulnerable to involvement in financial crime including unwitting participation in money laundering and terrorism financing.

Legal practitioners are not currently reporting entities under the AML/CTF regulatory regime. However, they are subject to ethical obligations and the stringent requirements of legal profession legislation. They also have reporting obligations under the Financial Transactions Reports Act in relation to significant cash transactions. Careful observance of existing obligations, particularly in relation to due diligence and client identification/ verification, the management of trust monies and client funds will help ensure law practice vulnerability to criminal exploitation is kept to minimum.

The 2016 edition of the Anti-Money Laundering Guide for Legal Practitioners contains Information about the regulatory environment that will assist legal practitioners to remain aware of the challenges and potential risks that law practices face. This presentation will outline what is said in the Guide. It will also cover the recommendations made, in the Report of the Statutory Review of the AML/CTF Act, released on 29 April 2016, relating to the potential extension of the AML/CTF regulatory regime to lawyers.

At this seminar, Shannon Adams will comment on how financial services providers have dealt with the regime and how at least some of this might provide valuable insight for the approach legal practitioners might take both now and if the regime is extended.

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