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.