CAYMAN ISLANDS: LEGAL PRACTITIONERS LAW TO BE AMENDED FOR AML COMPLIANCE

On 16th October, the Cayman Compass reported that the Government had gazetted a Legal Practitioners (Amendment) Bill to make membership in the Legal Practitioners Association mandatory for AML purposes and about 80% of lawyers are currently members of the association.  An assessment of Cayman’s AML regime had included criticism that lawyers remained unsupervised and only had “a rudimentary understanding” of their money laundering and terrorism financing risks.

https://www.caymancompass.com/2019/10/16/legal-practitioners-law-to-be-amended-for-anti-money-laundering-compliance/

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ANDORRA FREEZES €76.5 MILLION KEPT BY LAWYER OF MEXICO’S EX-PRESIDENT PEÑA NIETO

On 16th October, El Pais reported that Juan Ramón Collado, a prominent attorney who was arrested in July in Mexico City, is under investigation for money laundering in Andorra.  His assets at the Banca Privada d’Andorra (BPA), and those of all other BPA clients, had already been temporarily frozen in March 2015, when the bank was accused of alleged irregularities.  – but in 2018 prosecutors in Mexico sent the Andorra judge reports to prove that Collado did not commit any crimes.  However, his recent arrest in Mexico on money laundering charges has reactivated the Andorra investigation. It is said that other influential Mexican clients also have funds at BPA.

https://elpais.com/elpais/2019/10/16/inenglish/1571227960_029446.html

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y