ANTI MONEY LAUNDERING COMPLIANCE FOR THE LEGAL PROFESSION 

Lawyers by virtue of their various roles and responsibilities are strategically placed in all areas of life to monitor, control and influence the conduct of clients and prospective clients in order to deter wrongdoing. Lawyers are increasingly being exposed to risks, threats and challenges as potential intermediaries for illicit transactions as the international anti-corruption, ethics and compliance regulatory framework becomes progressively sophisticated. 

Whilst there are various schools of thoughts on the extent of the role of a lawyer in the area of reporting suspicions of wrongdoing contrary to the anti-corruption or terrorist financing regimes it is agreed amongst lawyers and bar associations across the globe that there must be safeguards to prevent lawyers being used as conduits for the perpetuation of corruption including money laundering and related illegal activities. 

Compliance for lawyers and legal practices therefore focuses mainly on the ethics, financial practices, policies and processes available within the law firm ensuring strict compliance to available regulations and processes. It is therefore important for lawyers and law practices to have a framework which they can operate with and also the need for the availability of necessary and relevant systems and governance that will allow lawyers to operate effectively and efficiently. 

Paramount Global Consulting has reviewed various compliance programmes and has developed a compliance strategy, systems and programmes which will be highly beneficial to law practices around the world and will help provide the necessary platform to support and propagate the fight against corruption in the legal profession.