So, you think you have money laundering licked? After all, with no investment business you can ignore the Money Laundering Regulations and will not be affected by the FSA’s new rules. You have no offices in Eastern Europe, Southeast Asia or South America and the overseas offices you do have are staffed by trustworthy expatriate and local staff. You are just an ordinary law firm with a straightforward practice, primarily in the UK, for reputable clients; you have nothing to worry about. Or so you think…
One of your clients, a medium-sized engineering company, introduces you to one of its French suppliers. The supplier needs a law firm with the right contacts in the UK to help buy a warehouse in the Midlands. You agree to act for them and ask for a copy of the new client’s passport and company’s accounts.
