Thursday, September 8, 2016

Lawyers, accountants to face money laundering sanctions

Latest: Corruption and Money Laundering.

Starting last Friday, lawyers and accountants granting business service to clients are exposed to sanctions if they provide service to a client suspected of being involved in money laundering, or if they have not yet completely fulfilled their duty to identify their clients in compliance with the amendment passed last year to the Prohibition on Money Laundering Law.
Last September, the rules applying to lawyers and accountants changed when the amendment took effect - an amendment aimed at making it difficult for lawyers and accountants to serve clients "suspected" of money laundering.
The amendment requires providers of business services lawyers and accountants in the commercial field to conduct an "identification and acquaintance with the client" proceeding in order to make sure that the client is not part of activity involving money laundering.

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