Money Laundering And Anti-Terrorist Risk Management For Lawyers

Although lawyers are not regulated to the extent that bankers are with regard to anti-money laundering and counter-terrorist financing (AML/CTF) compliance, they are advised to be cautious in this area and “to act a bit more like bankers.” Lawyers are subject to criminal money laundering and economic sanctions laws, and they need to be aware of the possibility of inadvertent violations. Even acting within the law, lawyers may be called upon to facilitate transactions which, if revealed publicly, would be damaging to themselves as well as the client. Lawyers are advised to consult risk management guidance published by an inter-governmental body called the Financial Action Task Force (FATF).