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Anti-Money Laundering Compliance and the Legal Profession

Anti-Money Laundering Compliance and the Legal Profession PDF Author: Sarah Kebbell
Publisher: Routledge
ISBN: 9780429019906
Category : Business & Economics
Languages : en
Pages : 264

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Book Description
"Money laundering is a global issue and there is evidence that the services provided by the legal profession may be misused to launder the proceeds of crime. This book explores the experiences of professionals within Top 50 law firms when seeking to comply with the UK's Anti-Money Laundering (AML) legislation. The book draws upon empirical evidence from in-depth interviews with solicitors and compliance personnel from 20 Top 50 law firms. Access to this section of the legal profession is challenging in the context of academic research, and therefore the research provides an account, seldom heard in academic literature, directly from practitioners. The book uses these research findings to explore and discuss the AML compliance issues faced by this section of the profession. International comparisons with regard to UK AML provisions are made throughout. It highlights the challenges presented by the legislative architecture of the Proceeds of Crime Act 2002, and considers compliance issues relating to customer due diligence, AML training, the client account and the suspicious activity reporting regime. It also considers participants' perceptions of the regime, their role within it, and their own assessment of money laundering risk. It concludes by using this evidence to recommend amendments to current AML policy and legislation"--

Anti-Money Laundering Compliance and the Legal Profession

Anti-Money Laundering Compliance and the Legal Profession PDF Author: Sarah Kebbell
Publisher: Routledge
ISBN: 9780429019906
Category : Business & Economics
Languages : en
Pages : 264

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Book Description
"Money laundering is a global issue and there is evidence that the services provided by the legal profession may be misused to launder the proceeds of crime. This book explores the experiences of professionals within Top 50 law firms when seeking to comply with the UK's Anti-Money Laundering (AML) legislation. The book draws upon empirical evidence from in-depth interviews with solicitors and compliance personnel from 20 Top 50 law firms. Access to this section of the legal profession is challenging in the context of academic research, and therefore the research provides an account, seldom heard in academic literature, directly from practitioners. The book uses these research findings to explore and discuss the AML compliance issues faced by this section of the profession. International comparisons with regard to UK AML provisions are made throughout. It highlights the challenges presented by the legislative architecture of the Proceeds of Crime Act 2002, and considers compliance issues relating to customer due diligence, AML training, the client account and the suspicious activity reporting regime. It also considers participants' perceptions of the regime, their role within it, and their own assessment of money laundering risk. It concludes by using this evidence to recommend amendments to current AML policy and legislation"--

Anti-Money Laundering Compliance and the Legal Profession

Anti-Money Laundering Compliance and the Legal Profession PDF Author: Sarah Kebbell
Publisher: Routledge
ISBN: 0429670907
Category : Business & Economics
Languages : en
Pages : 286

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Book Description
Money laundering is a global issue and there is evidence that the services provided by the legal profession may be misused to launder the proceeds of crime. This book explores the experiences of professionals within Top 50 law firms when seeking to comply with the UK’s anti-money laundering (AML) regime. The book draws upon empirical evidence from 40 in-depth interviews with solicitors and compliance personnel from 20 Top 50 law firms. Access to this section of the legal profession is challenging in the context of academic research, and the research provides an account, seldom heard in academic literature, directly from practitioners. The book uses these research findings to explore and discuss the AML compliance issues faced by this section of the profession. It highlights the challenges presented by the legislative architecture of the Proceeds of Crime Act 2002, and considers compliance issues relating to customer due diligence, AML training, the client account and the suspicious activity reporting regime. It also considers participants’ perceptions of the regime, their role within it, and their own assessment of money laundering risk. It concludes by using this evidence to recommend amendments to current AML policy and legislation. This book will be of interest to students and researchers studying Financial Crime Law, Business and Company Law, and White Collar Crime, as well as policy makers in the areas of money laundering, compliance, and corruption.

“Trusted to the ends of the earth”. Outcomes-focused regulation and risk-taking in the legal profession

“Trusted to the ends of the earth”. Outcomes-focused regulation and risk-taking in the legal profession PDF Author: Maximilian Grimmeiß
Publisher: GRIN Verlag
ISBN: 366848239X
Category : Law
Languages : en
Pages : 11

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Book Description
Essay from the year 2016 in the subject Law - Miscellaneous, grade: commendation, University of London, language: English, abstract: Lawyers “may be trusted to the ends of the earth”. This statement might not reflect the public opinion anymore. The scandals around lawyers and their legal opinions in the wake of the financial crisis and the publication of the ‘Panama Papers’ raised the questions, if lawyers satisfy their clients ignoring risks and whether outcomes-focused regulation allows these risks to be ignored due to its wide scope. To answer these questions, this essay will first explain the role of the lawyer to satisfy clients' needs (2.) with regard to the limitations of satisfying the clients' needs (3.) and the risks involved with the dissatisfaction and satisfaction of clients' needs (4.). Following on from these risks, the essay will look at the definition of outcomes-focused regulation and its aim (5.) and whether this approach allows ignoring the risks (6.). This assessment will focus in particular on the guidance to transactions lawyers in commercial practise. For this purpose a transaction lawyer is a solicitor who gives legal advice on a transaction, but does not conduct advocacy.

Money Laundering, Asset Forfeiture and Recovery and Compliance -- A Global Guide

Money Laundering, Asset Forfeiture and Recovery and Compliance -- A Global Guide PDF Author: William H. Byrnes
Publisher: LexisNexis
ISBN: 0327170840
Category : Law
Languages : en
Pages :

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Book Description
This eBook is designed to provide the reader with accurate analyses of the AML/CTF Financial and Legal Intelligence, law and practice in the nations of the world with the most current references and resources. The eBook is organized around five main themes: 1. Money Laundering Risk and Compliance; 2. The Law of Anti-Money Laundering and Compliance; 3. Criminal and Civil Forfeiture; 4. Compliance and 5. International Cooperation. Each chapter is made up of five parts. Part I, "Introduction," begins with the analysis of money laundering risks and compliance with the recommendations of the Financial Action Task Force (FATF), and then concludes with the country's rating based on the International Narcotics Control Strategy Report (INCSR) of the U.S. State Department. Part II, "Anti-Money Laundering and Combating Terrorist Financing (AML/CTF)" and Part III, "Criminal and Civil Forfeiture," evaluate the judicial and legislative structures of the country. Given the increasing global dimension of AML/CTF activities, these sections give special attention to how a country has created statutes, decisions, policies and the judicial enforcement procedures needed to combat money laundering and terrorist financing. Part IV, "Compliance," examines the most critical processes for the prevention and detection of money laundering and terrorist financing. This section reflects on the practical elements that should be in place so that financial institutions can comply with AML/CTF requirements; these are categorized into the development and implementation of internal controls, policies and procedures. Part V, "International Cooperation," reviews the compilation of international laws and treaties between countries working together to combat money laundering and terrorist financing. As these unlawful activities can occur in any given country, it is important to identify the international participants who are cooperating to develop methods to obstruct these criminal activities.

The Relevance of FATF's Recommendations and Fourth Round of Mutual Evaluations to the Legal Profession

The Relevance of FATF's Recommendations and Fourth Round of Mutual Evaluations to the Legal Profession PDF Author: Laurel S. Terry
Publisher:
ISBN:
Category :
Languages : en
Pages : 102

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Book Description
More than two hundred countries in the world have agreed to abide by the anti-money laundering (“AML”) recommendations developed by the Financial Action Task Force (“FATF”), which is an intergovernmental organization. This Article focuses on the potential impact on the legal profession of FATF's fourth round of mutual evaluations. During these mutual evaluations, which currently are underway, FATF-affiliated countries examine each other's compliance with the FATF Recommendations and recommend follow-up action. This Article first presents the legal profession-related results from the completed Mutual Evaluation Reports. A number of these FATF Reports recommend changes that include requiring lawyers to report suspicious client transactions, greater enforcement of existing lawyer AML rules, and changing the entities that supervise lawyer AML efforts. The next Part of this Article examines the legal profession AML situation in the Authors' home countries of the United States and Peru, noting the current or potential impact in these countries of the FATF Recommendations, the FATF Mutual Evaluation process, and lawyer-related money laundering scandals. The final Part of this Article suggests an alternative, education-focused, peer-review approach to the legal profession portions of the FATF Mutual Evaluations that arguably would decrease lawyer facilitation of criminal money laundering activities while better protecting traditional lawyer values that are globally recognized as important components of administration of justice and rule of law systems. Because the regulatory impact of FATF's mutual evaluations may be much broader than anti-money laundering issues, everyone interested in the topic of lawyer regulation should be aware of the FATF Recommendations and the ongoing mutual evaluation process.

Anti-Money Laundering and Combating the Financing of Terrorism - Observations from the Work Program and Implications Going Forward - Supplementary Information

Anti-Money Laundering and Combating the Financing of Terrorism - Observations from the Work Program and Implications Going Forward - Supplementary Information PDF Author: International Monetary Fund. Monetary and Financial Systems Dept.
Publisher: International Monetary Fund
ISBN: 1498331181
Category : Social Science
Languages : en
Pages : 57

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Book Description
The first part presents the findings concerning overall compliance with the revised standard and methodology and the second part compares these findings to those of assessments under the old methodology. The third part discusses interpretative and application issues and the fourth describes logistical issues based on the experience of the assessments carried out to date.

Risk Management For Law Firms

Risk Management For Law Firms PDF Author: Frank Maher
Publisher:
ISBN: 9781906355418
Category :
Languages : en
Pages :

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Book Description
Risk Management for Law Firms, 3rd Edition provides an in-depth analysis of key risk areas within the firm and aims to help firms meet new and emerging challenges with clear, practical examples.

Money laundering and the financing of terrorism

Money laundering and the financing of terrorism PDF Author: Great Britain: Parliament: House of Lords: European Union Committee
Publisher: The Stationery Office
ISBN: 9780108444692
Category : Business & Economics
Languages : en
Pages : 278

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Book Description
In the United Kingdom alone the turnover of the most serious forms of organised crime is perhaps £15 billion a year, two thirds of which is laundered through banks and other bodies. Much of this constitutes the proceeds of drug trafficking. The problem is global, and so must be the response. More than 180 countries are involved as members of or by being associated with the Financial Action Task Force (FATF), which recommends the action they should take to counter money laundering and the financing of terrorism, and promotes the monitoring of their compliance with those standards. Astonishingly, [the UK government] have not even signed, much less ratified, the Warsaw Convention on Money Laundering and Terrorist Financing, which would extend to all Council of Europe States arrangements through which to access financial information on money laundering and terrorist financing, and information on assets held by criminal organisations, including terrorist groups. The Warsaw Convention, if in force, would also help with recovery of the proceeds of crime, especially through civil proceedings. This is vital for the prevention and deterrence of drug trafficking and other serious crimes. Freezing the assets of suspected terrorists is another essential weapon, but it must not be abused; those whose assets are frozen have a right to know why, to make representations, and to have them considered. Today, any study of terrorist financing has to take account of the proceeds of piracy. The Government say that they have not found a link between the two. We believe that they would find one if they looked for it, making the same effort as they have, with other States, in naval operations.

State Business Incorporation, 2009

State Business Incorporation, 2009 PDF Author: United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs
Publisher:
ISBN:
Category : Corporation law
Languages : en
Pages : 496

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Book Description


Artificial Intelligence and the Legal Profession

Artificial Intelligence and the Legal Profession PDF Author: Michael Legg
Publisher: Bloomsbury Publishing
ISBN: 150993183X
Category : Law
Languages : en
Pages : 320

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Book Description
How are new technologies changing the practice of law? With examples and explanations drawn from the UK, US, Canada, Australia and other common law countries, as well as from China and Europe, this book considers the opportunities and implications for lawyers as artificial intelligence systems become commonplace in legal service delivery. It examines what lawyers do in the practice of law and where AI will impact this work. It also explains the important continuing role of the lawyer in an AI world. This book is divided into three parts: Part A provides an accessible explanation of AI, including diagrams, and contrasts this with the role and work of lawyers. Part B focuses on six different aspects of legal work (litigation, transactional, dispute resolution, regulation and compliance, criminal law and legal advice and strategy) where AI is making a considerable impact and looks at how this is occurring. Part C discusses how lawyers and law firms can best utilise the promise of AI, while also acknowledging its limitations. It also discusses ethical and regulatory issues, including the lawyer's role in upholding the rule of law.