Patrikios Legal’s Post

As Law Council of Australia President-elect Juliana Warner says about planned anti-money laundering/counter terrorism financing (#AMLCTF) reforms in this article from The Australian Financial Review today:   “Legislation needs to be balanced and proportionate to the real risk, targeted and carefully drafted to ensure vital foundations of our legal system – including access to justice and client legal privilege – are not weakened.”   Client legal privilege is a cornerstone of the rule of law. It does not and cannot apply to communications that are in furtherance of a crime or other unlawful acts. Further, the ethical obligations and paramount duty to the court that apply to all solicitors, minimise the risk for AML/CTF.   Imposing significant regulatory and compliance burdens, particularly in areas of practice where AML/CTF risk is inherently low or non-existent, could place many small practices, particularly in rural and regional areas, in financial peril and damage access to justice.   As I mentioned here earlier in the week, The Law Society of NSW will continue to advocate on behalf of our members to ensure that affected parts of the profession have adequate time to prepare for and implement any new requirements following the passage of legislation.   https://lnkd.in/gS7iGxdh

I am sure gatekpeeing professions have professional obligations and ethical requirements imposed on their members however while moral principles, ethical frameworks, and the concept of integrity can be taught and discussed abstractly, their true understanding and application are deeply rooted in an individual's lived experiences. These experiences provide the context, nuance, and personal relevance that allow people to develop and refine their moral judgments, ethical reasoning, and sense of integrity over time. Hence something labelled as unethical by one person might not be seen unethical by another person. In order to lead #financialCrimePrevention intiatives, legislative changes need to address this ambuiguity. #tranche2 #AML/CTF #Compliance

Our forensic speak brings you the latest developments in the Indian anti-money laundering law regime. Please read the full update below and for more information, get in touch with our Partner, Sanket Jain, and Associate Abhinav Arora. #PioneerLegal #LawAtPL #SEBI #NFRA #SAT #ForensicSpeak #Anticorruption

The Supreme Court recently ruled on a significant aspect of money laundering law, affirming the applicability of Section 197(1) of the CrPC to complaints under Section 44(1)(b) of the Prevention of Money Laundering Act (PMLA). This decision arose from an appeal by the Enforcement Directorate (ED) against the Telangana High Court’s decision to quash a complaint for lack of prior sanction under Section 197(1), CrPC. The Court emphasized that Section 197(1) CrPC, which requires prior sanction for prosecuting public servants, is applicable unless there’s an overriding provision in the PMLA. The Court also clarified that the absence of sanction can be raised after cognizance has been taken by the Special Court for offences under Section 4 of the PMLA. This ruling highlights the need to balance the protection of public servants with the enforcement of anti-money laundering laws, ensuring that public servants can be prosecuted for acts done in their official capacity, provided they meet the criteria outlined in Section 197(1). #MoneyLaundering #PMLA #CrPC #LegalUpdates #SupremeCourt #PublicServants #LawEnforcement #AntiCorruption #LegalCompliance #Sanction

Aynsley Vaughan, TMF Group’s Head of Global Entity Management, was recently featured in Lawyers Weekly, where she discussed updates to Australia’s anti-money laundering legislation. Read the interview to find out how these regulatory changes will align Australian law with global standards and reduce the complexity of doing business. Find out how our global entity management services can help you streamline your operations and stay compliant: #GlobalEntityManagement #AntiMoneyLaundering #compliance

Court of Appeal decision safeguards the UK’s anti-money laundering regime. In a landmark decision handed down today, the Court of Appeal overturned a 2023 High Court decision which had seriously undermined the UK’s framework for investigating and recovering the proceeds of crime and risked driving a coach and horses through the UK’s anti-money laundering regime. The decision clarifies significant areas of the law and confirms that: 1. The National Crime Agency does not need to identify specific evidence of criminal property before it can open an investigation into the proceeds of crime; and 2. If market value is paid for criminal property, it does not cleanse that property of its criminal nature for anyone who later acquires, uses or obtains it. https://lnkd.in/e_rjt9XX

Aynsley Vaughan, TMF Group’s Head of Global Entity Management, was recently featured in Lawyers Weekly, where she discussed updates to Australia’s anti-money laundering legislation. Read the interview to find out how these regulatory changes will align Australian law with global standards and reduce the complexity of doing business. Find out how our global entity management services can help you streamline your operations and stay compliant: https://lnkd.in/d94WQK4 #GlobalEntityManagement #AntiMoneyLaundering #compliance

Aynsley Vaughan, TMF Group’s Head of Global Entity Management, was recently featured in Lawyers Weekly, where she discussed updates to Australia’s anti-money laundering legislation. Read the interview to find out how these regulatory changes will align Australian law with global standards and reduce the complexity of doing business. Find out how our global entity management services can help you streamline your operations and stay compliant: https://lnkd.in/d94WQK4 #GlobalEntityManagement #AntiMoneyLaundering #compliance

Aynsley Vaughan, TMF Group’s Head of Global Entity Management, was recently featured in Lawyers Weekly, where she discussed updates to Australia’s anti-money laundering legislation. Read the interview to find out how these regulatory changes will align Australian law with global standards and reduce the complexity of doing business. Find out how our global entity management services can help you streamline your operations and stay compliant: https://lnkd.in/d94WQK4 #GlobalEntityManagement #AntiMoneyLaundering #compliance