Lawyers and conveyancers provide certain services that operate as a gateway to property and financial markets, financial institutions and other regulated professionals. The services these ‘gatekeepers’ provide can be used to disguise beneficial ownership, conceal critical details of financial transaction and aid in tax evasion.
Operating through or behind a professional adviser can provide a veneer of legitimacy to criminal activity. Legal practitioners can be used to create complex (but legal) structures that can create distance between criminals and their illicit wealth and through conveyancing facilitate a process that allows for the transfer of ownership of property, a high-value asset that provides ideal opportunities for laundering large volumes of illicit funds.
As AML/CTF compliance requirements in Australia increase, it is important organisations have strategies and plans in place for achieving full compliance. AML/CTF programs can be arduous and time-consuming to implement, which is why AML Accelerate has been designed by experts to quickly guide you to compliance.