MONEY LAUNDERING R FOR ATTORNEYS
FINANCE
has put CTR in place in order to assist you in identifying , managing and reporting it .
Using “ legitimate / trusted ” businesses Perpetrators often use the professional status that some industries have to make their illicit business , financial , or property transactions look legitimate . For example these perpetrators make use of financial institutions and / or legal services to try to make the transaction look legitimate .
In particular law firms typically are seen as a target as they deal with large financial transactions , offer a wide range of professional services and money launderers may use a firm ' s trust account for illicit purposes . Perpetrators will often target estate agents , attorneys , notaries and conveyancers to assist them with the creation of companies and trusts as well to assist with property purchases and sales .
Accountable institutions , which include legal practitioners such as attorneys , notaries and conveyancers are identified are identified in the Financial Intelligence Centre
MONEY LAUNDERING R FOR ATTORNEYS
• Unusual payments to an attorney
• Routing of funds via attorney ’ s tru goods , luxury properties and veh
• Creation of trusts and companies the ultimate beneficial owner ( UB
• Management of trusts and comp
• A request to set up and manage organisations where it appears to
• Handling the cash proceeds of cr provided by an offender or nomi accounts in trusts for clients , and the purchase of property .
• The client has changed legal prac short period of time .
• There are significant differences b approximate actual values for im
• The client is represented by a thi explanation .
• The transaction includes the tran geographic area with no valid ec
• The transaction involves crypto a
• The transaction involves the purc thereafter the property is used as
• The client is a recently incorporat with large .
• Capital amounts which does not
59 JUNE / JULY 2023 SA Real Estate Investor Magazine