Lawyers will be required to demand identification from clients under aproposed EU
extension to its money laundering directive.The proposals will extend obligations beyond
investment lawyers and applyto transactions of u9,950 or more.Legal professionals
handling client money, securities and client assetswill all come under the
requirements.Proposals are also targeting financial transactions, bank
accountsmanagement, the operation of companies and trusts and property trades.UK-based
money laundering investigators say the directive should encouragelawyers to inform on
suspect clients.”This directive will hopefully make them think about who walks
throughtheir 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.