Law Firms provide a wide range of services, including preparing for or carry out transactions for their clients. Characterized as ‘gatekeepers’ by the FATF, because they “protect the gates to the financial system,” used for certain transactions by their clients., Law Firms can therefore play a key role in the detection of money laundering and financing of terrorism schemes.
This Guideline has been issued pursuant to section 10(2) (ba) of the Financial Intelligence and Anti Money Laundering Act (FIAMLA) 2002, as amended by the Economic and Financial Measures (Miscellaneous Provisions) Act 2013. They are intended to assist Law Firms in complying with their obligations in relation to the prevention, detection and reporting of money laundering, financing of terrorism and proliferation. In the process, the legal profession will not be misused by money launderers or those involved in dubious transactions.
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