UK: REVIEW OF 40 CASES INVOLVING DUBIOUS INVESTMENT SCHEMES SHOW LACK OF SOLICITOR DUE DILIGENCE

On 18 August, Legal Futures reported that solicitors generally fail to carry out due diligence exercises on the people behind what turn out to be dubious investment schemes, a review by the Solicitors Regulation Authority (SRA) has found. It also highlighted how often foreign investors were targeted by the scams.  21 of the cases involved foreign investors, particularly from South-East Asia, at least in part to “exploit language and cultural differences and potentially their unfamiliarity with conveyancing transactions in the UK”.

https://www.legalfutures.co.uk/latest-news/solicitors-caught-in-dubious-schemes-fail-in-due-diligence

The Review itself is available at –

https://www.sra.org.uk/sra/how-we-work/reports/investment-schemes-that-are-potentially-dubious/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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