Half of law firms do not understand the threat posed to them by criminals looking to launder dirty money in the UK, a survey has shown.
Lawyers said they lacked an understanding of the ways in which criminals target them to launder ill-gotten gains. One in three firms said this failure was due to the rapidly changing techniques used to find and exploit gaps in anti-money-laundering regulations.
Despite this law firms were judged to be the least at risk of being a money-laundering target, in the survey of 204 senior compliance, finance and legal executives working in regulated industries including the banking, legal, property and gaming sectors.
Only 4 percent of respondents felt the legal sector faced the highest risk, and only 20 percent of the law firms that took part believed they were the most high-risk target.
Michael Harris, a director at LexisNexis Risk Solutions, which commissioned the survey, said: “Lawyers’ view that they are a low-risk industry is not only at odds with the heightened regulatory scrutiny of the legal sector, but also suggests law firms aren’t fully aware of the important role they play as gatekeepers in protecting the UK from the impact of financial crime.”
Post by Sapphire Capital on Sept 4, 2019 9:21:10 GMT 4
it increases my believe that most lawyers in the US are idiots
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