Both domestic and international evidence and guidance highlight the ML/TF risks presented by the legal sector. The easy access and wide geographic spread of legal services, coupled with lawyers’ gatekeeper role and use in every phase of ML/TF and in many different ML/TF typologies, means this sector presents a medium-high inherent risk of ML/TF.
Acting as a formation agent for legal persons or legal arrangements. Acting as, or arranging someone to act as, a nominee director, nominee shareholder or trustee. Providing an office or address for a company or legal arrangement. Managing client funds, accounts, securities, or other assets. Providing real estate agency work to effect a transaction. Engaging in or giving instructions on behalf of a customer to another person for a range of specified services.
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