Webinars by Practice Area
Money Laundering – An Introductory Guide for New Entrants and Support Staff
Recorded on: 16/07/2021
‘Money laundering’ is an odd phrase. It is much talked about in professional offices the length and breadth of the land, but to those who are new to the scene the whole thing is totally baffling. It conjours up images of us washing a £10 note left in our jeans pocket, but in reality the problem is much more insidious. Popularly thought of as the world’s third largest ‘industry’ by turnover, it fuels organised crime, people trafficking, drug dealing and any number of brutal regimes, purely by allowing dodgy clients to clean their ill-gotten gains by abusing our honesty and good faith.
Law firms and other professionals have been subject for nearly 20 years to technical and complex legislation which requires us to undertake certain steps as part of a client relationship in order to check the client’s background and legitimacy, before we undertake any work for them. Those rules get ever more and more complicated as the problem continues to get worse and worse.
Aimed at staff who are new to the legal arena, or who are not accustomed to much client contact, this 30 minutes introductory webinar will consider the basics of the legislative regime and will explore the approach of the firms we work for in dictating to us the steps we have to take.
Topics covered will include:
- What is ‘money’, exactly?
- What is ‘money laundering’, in words of one syllable?
- Why is it such a problem globally?
- ‘How does it affect me – I don’t act for drug dealers’?
- I am just a junior member of staff – surely it doesn’t concern me?
- What do I have to watch out for?
- When should I be suspicious?
- What do I need to do when I spot something that makes me nervous?
- What do all these acronyms mean – MLRO, MLCO, PWRA, CDD, PEP?
- Where do I go for help?