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Combating money laundering on Ally Law agenda

London, 28 May 2018: Ally Law firms will be advised how they can protect themselves from money launderers when Boase Cohen & Collins Senior Partner Colin Cohen delivers a presentation on the subject at this week’s AGM in London.

Legal services providers have increasingly become a target for suspect transactions following a worldwide crackdown on the practice by banks and financial institutions.

“Law firms are not only vulnerable to suspicious payments from clients, they may need to advise clients who receive suspicious payments,” said Mr Cohen, whose key areas of practice include criminal proceedings and complex corporate crime.

“It is a fact that legal professionals offer services which are essential to a transaction and their involvement gives it respectability. Usually, this is done unwittingly by the firm or individual lawyer, although there are cases where the legal professional is persuaded or coerced into knowingly being involved.”

Mr Cohen will highlight typical exploitation of legal services and outline how law firms can spot the warning signs. He will also advise on the preventative steps they should take, such as completing due diligence of clients and giving staff appropriate training. His audience will include legal professionals from around the world. Ally Law is a global legal services organisation comprising almost 70 independent law firms in more than 40 jurisdictions.

Mr Cohen, who will attend the AGM with BC&C Partner Fiona Chan, will also moderate a panel discussion on Asian clients investing overseas with a particular focus on China’s Belt and Road Initiative. In addition, he will deliver a report in his role as Chairman of Ally Law’s Expansion Committee. The organisation has welcomed new member firms in Finland, Israel, USA, Portugal, Indonesia and Luxembourg in the past 12 months.

Around 160 delegates are expected to attend the AGM, which will begin with a welcome reception on Wednesday evening. It is being hosted by London firm Edwin Coe LLP and held at the Law Society’s headquarters in Chancery Lane. Boase Cohen & Collins is Hong Kong’s sole representative in Ally Law, which utilises close co-operation between members to help clients overcome their international legal and business challenges.

AGMLondon PHOTO

Colin Cohen will give a presentation highlighting how law firms can combat money laundering.