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Exemptions for solicitors

The obligations to identify and verify clients and to report suspicious transactions only arises where you carry out any of the following services:-

providing assistance in the planning or execution of transactions for a client concerning any of the following:-

  • buying or selling land or business entities;
  • managing the money, securities or other assets of clients;
  • opening or managing bank, savings or securities accounts;
  • organising contributions necessary for the creation, operation or management of companies;
  • creating, operating or managing trusts, companies or similar structures or arrangements:
  • Acting for or on behalf of clients in financial transactions or transactions relating to land.

If you consider that information - or anything else on which you base your suspicion that a money laundering offence was committed  - came to you in privileged circumstances, you are obliged not to make a money laundering report. But if that happens, you should consider whether you should be continuing to act.