The ignorance of the law is not an excuse (law school 101)

Recent reports by The Times, showed a very disappointing level of understanding and compliance in regard to the Anti-Money Laundering regime among UK based legal professionals.

Many noted ignorance over how the regime should be applied by themselves while clearly defined the profession as low risk.

Some may argue that ratings should be the result of. process of risk identification, risk analysis, mitigation actions and residual risk, which simply cannot happen if the identification does not occur first.

Recent scandals, have shown that legal professionals as well as other non-financial professionals are used consistently for the purposes of money laundering and terrorist financing, making the sector likely to be considered high risk.

Cases like paradise papers and Panama papers, showed a major participation of legal professionals and advisors in the schemes used for the laundering of money and assets worldwide.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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