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Lawyers and money laundering

Marcelo Ruiz (Lawyer and former Political Counsellor, Argentine Diplomatic Service)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 1 July 2004

Abstract

Outlines the Argentinian Cover‐Up and Laundering of Criminally Derived Property Law; this law punishes not only those actively involved in the offences but those who allow money to be laundered as a result of wrongful omission, fault or negligence, it set up the Financial Services Unit for Argentina, and it imposes the obligation to report. Deals further with the duty to report, and moves on to the position of legal practitioners in relation to money laundering. Points out that the activities of professionals are based on a special relationship of trust with their clients, and that there is a need to update the relevant rules now that such issues as money obtained from drug dealing have become of major importance. Distinguishes the lawyer’s activity when giving legal advice, when it would be clearly illegal to advise on ways to launder money, from when s/he is acting as counsel in a lawsuit: since there is a right of defence at law, a lawyer cannot be breaking the law when defending a money launderer, although the situation concerning the lawyer’s fees for this service remains a matter which needs clarification.

Keywords

Citation

Ruiz, M. (2004), "Lawyers and money laundering", Journal of Money Laundering Control, Vol. 7 No. 3, pp. 272-274. https://doi.org/10.1108/13685200410809977

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited