2024 National Money Laundering Risk Assessment

The US Government’s 2024 Money Laundering National Risk Assessment highlights a number of risks relating to law firms, including use of pooled trust accounts masking beneficial ownership of funds.  Recent criminal indictments indicate that lawyers may be facilitating Russian money laundering and sanctions violation. A Texas attorney pleaded guilty to conspiring to repatriate $18m untaxed income from offshore accounts held in the Isle of Man.  Trust and Company Service Providers (TCSPs) are highlighted as a risk.  The risk assessment also highlights concerns over Chinese underground banking.

See here.

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