Fri, 24 May 2013
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26 July 1999
Lawyers will be required to demand identification from clients under aproposed EUextension to its money laundering directive.The proposals will extend obligations beyondinvestment lawyers and applyto transactions of u9,950 or more.Legal professionalshandling client money, securities and client assetswill all come under therequirements.Proposals are also targeting financial transactions, bankaccountsmanagement, the operation of companies and trusts and property trades.UK-basedmoney laundering investigators say the directive should encouragelawyers to inform onsuspect clients."This directive will hopefully make them think about who walksthroughtheir doors. We know some solicitors are not doing much due diligence onclients.If they get a bad one, they should let us know," says DetectiveSergeant John Oldfield,of the National Crime Squad.
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