Over 20% of lawyers in UK not complying with anti-money laundering law

According to this article in the Financial Times, 20% of lawyers in the UK are not complying with federal anti-money laundering laws. Unlike the US and Canada, in the UK, lawyers are reporting entities and must conduct bank-level AML to onboard and report suspicious and other threshold financial transactions externally. The findings come amid concerns […]

8 questions you may have had about the movie “The Laundromat” and yes, there are British Columbia connections

Part 1 – Background Skip this Part 1 if you know about Mossack Fonseca and shell and shelf companies. The movie “The Laundromat” is about lawyers and big law firms and the system that fuels offshore money movements, often involving the proceeds of crime. The movie is about a big law firm called Mossack Fonseca that was based […]

Law firms flipping shelf and shell companies – is it the practice of law? Can it go through a bank trust account?

Shell games US law enforcement agencies recently signalled that they were stepping up enforcement, inter alia, in two ways: (a) as against professional money launderers; and (b) as against shell and shelf companies that law firms flip to clients. Professional money launderers under scrutiny the FBI explained recently, are accountants, hawalas, lawyers and individuals, as […]

Indicted US lawyer who resold and flipped multiple shell companies for whopping profit, and wrote false closing opinion for Canadian entity, settles with SEC

SEC Settlement A New Jersey lawyer, Gregg Jaclin, entered into a settlement agreement with the US Securities Exchange Commission (“SEC“) earlier this fall in respect of several allegations, including over the practice of the creation and resale and flipping of what are called “shell” companies, flipped to clients for hundreds of thousands of dollars and in respect […]