CAVE PECUNIAM: LAWYERS AS LAUNDERERS
The attorney’s trust account is an enticing prospect for criminals seeking ways to launder money acquired illegally, and the attorney whose trust account is abused in this way stands to be branded and punished as a money launderer. The overall aim of the article is to identify the dangers which mon...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | Afrikaans |
| Published: |
North-West University
2012-12-01
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| Series: | Potchefstroom Electronic Law Journal |
| Subjects: | |
| Online Access: | http://www.nwu.ac.za/af/webfm_send/60610 |
| _version_ | 1818043530847715328 |
|---|---|
| author | RA Koen AJ Hamman |
| author_facet | RA Koen AJ Hamman |
| author_sort | RA Koen |
| collection | DOAJ |
| description | The attorney’s trust account is an enticing prospect for criminals seeking ways to launder money acquired illegally, and the attorney whose trust account is abused in this way stands to be branded and punished as a money launderer. The overall aim of the article is to identify the dangers which money launderers pose to attorneys and to highlight the need for vigilance in the face of these dangers. It analyses the anti-money laundering reporting obligations imposed on attorneys by the Financial Intelligence Centre Act and considers impact of these obligations upon the attorney-client relationship. Some of the ways in which a law practice may become implicated in the placement, layering and integration stages of the money laundering process are discussed, and cases which deal with attorneys’ involvement in money laundering schemes are presented. |
| first_indexed | 2024-12-10T09:03:41Z |
| format | Article |
| id | doaj.art-077aa806c4c04cad801cd7089279846d |
| institution | Directory Open Access Journal |
| issn | 1727-3781 |
| language | Afrikaans |
| last_indexed | 2024-12-10T09:03:41Z |
| publishDate | 2012-12-01 |
| publisher | North-West University |
| record_format | Article |
| series | Potchefstroom Electronic Law Journal |
| spelling | doaj.art-077aa806c4c04cad801cd7089279846d2022-12-22T01:55:11ZafrNorth-West UniversityPotchefstroom Electronic Law Journal1727-37812012-12-0115568100CAVE PECUNIAM: LAWYERS AS LAUNDERERSRA KoenAJ HammanThe attorney’s trust account is an enticing prospect for criminals seeking ways to launder money acquired illegally, and the attorney whose trust account is abused in this way stands to be branded and punished as a money launderer. The overall aim of the article is to identify the dangers which money launderers pose to attorneys and to highlight the need for vigilance in the face of these dangers. It analyses the anti-money laundering reporting obligations imposed on attorneys by the Financial Intelligence Centre Act and considers impact of these obligations upon the attorney-client relationship. Some of the ways in which a law practice may become implicated in the placement, layering and integration stages of the money laundering process are discussed, and cases which deal with attorneys’ involvement in money laundering schemes are presented.http://www.nwu.ac.za/af/webfm_send/60610trust accountattorneysmoney launderingFICAconfidentialitylegal professional privilegereporting obligationscash thresholdsuspicious transactiontipping off |
| spellingShingle | RA Koen AJ Hamman CAVE PECUNIAM: LAWYERS AS LAUNDERERS Potchefstroom Electronic Law Journal trust account attorneys money laundering FICA confidentiality legal professional privilege reporting obligations cash threshold suspicious transaction tipping off |
| title | CAVE PECUNIAM: LAWYERS AS LAUNDERERS |
| title_full | CAVE PECUNIAM: LAWYERS AS LAUNDERERS |
| title_fullStr | CAVE PECUNIAM: LAWYERS AS LAUNDERERS |
| title_full_unstemmed | CAVE PECUNIAM: LAWYERS AS LAUNDERERS |
| title_short | CAVE PECUNIAM: LAWYERS AS LAUNDERERS |
| title_sort | cave pecuniam lawyers as launderers |
| topic | trust account attorneys money laundering FICA confidentiality legal professional privilege reporting obligations cash threshold suspicious transaction tipping off |
| url | http://www.nwu.ac.za/af/webfm_send/60610 |
| work_keys_str_mv | AT rakoen cavepecuniamlawyersaslaunderers AT ajhamman cavepecuniamlawyersaslaunderers |