Anti Money Laundering
What is money laundering?
'Money laundering' is a process whereby the identity of ‘dirty money’ (i.e. the ownership and control of proceeds of criminal conduct, including tax offences) is disguised or altered through apparently-legitimate transactions and processes, so that the money appears to originate from a legitimate source.
Solicitors are subject to statutory Anti-Money Laundering obligations pursuant to the Criminal Justice (Money Laundering and Terrorist Financing) Acts.
A useful leaflet explains why solicitors are obliged to request certain information from clients pursuant to these obligations:
