Lawyers, notaries, accountants and money laundering

Lawyers, notaries, accountants and money laundering Purpose – To call for the legislature to pay more attention to the professional laundering and to improve the capability to attack money laundering. Design/methodology/approach – By describing the phenomena that money laundering crimes nowadays often involves lawyers, notaries and accounts, to analyze the necessity and rationale of bringing these professionals under the obligations of anti‐money laundering, and to present a reasonable solution to the contradiction between professional privilege and anti‐money laundering obligations. Findings – In order to keep a balance between the fight against money laundering and the protection of professional privilege, we should make a difference among the professional activities: when professional activities are linked judicial proceedings or in the course of ascertaining the legal position of clients, they would be exempted from the obligation of anti‐money laundering; when they perform financial or company law activities, they should assume anti‐money laundering obligations. Originality/value – This paper presents a reasonable solution to the contradiction between professional privilege and anti‐money laundering obligations, which would be beneficial to the legislature. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Lawyers, notaries, accountants and money laundering

Journal of Money Laundering Control, Volume 9 (1): 9 – Jan 1, 2006

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Publisher
Emerald Publishing
Copyright
Copyright © 2006 Emerald Group Publishing Limited. All rights reserved.
ISSN
1368-5201
DOI
10.1108/13685200610645229
Publisher site
See Article on Publisher Site

Abstract

Purpose – To call for the legislature to pay more attention to the professional laundering and to improve the capability to attack money laundering. Design/methodology/approach – By describing the phenomena that money laundering crimes nowadays often involves lawyers, notaries and accounts, to analyze the necessity and rationale of bringing these professionals under the obligations of anti‐money laundering, and to present a reasonable solution to the contradiction between professional privilege and anti‐money laundering obligations. Findings – In order to keep a balance between the fight against money laundering and the protection of professional privilege, we should make a difference among the professional activities: when professional activities are linked judicial proceedings or in the course of ascertaining the legal position of clients, they would be exempted from the obligation of anti‐money laundering; when they perform financial or company law activities, they should assume anti‐money laundering obligations. Originality/value – This paper presents a reasonable solution to the contradiction between professional privilege and anti‐money laundering obligations, which would be beneficial to the legislature.

Journal

Journal of Money Laundering ControlEmerald Publishing

Published: Jan 1, 2006

Keywords: Lawyers; Accountants; Money laundering

References

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