The title of the immediately preceding post should have been: Lawyers, clients’ funds and money laundering.
“Money laundering occurs when profits from criminal activity need to be “cleaned” so that they cannot be traced back to their illegal source. Thus, any illegal activity that brings in money creates a need for money laundering. Money laundering goes back at least to Al Capone and probably to ancient Babylon, and it is a clear and present threat in Europe and the United States (“U.S.”). Much of this threat can be traced back to the trafficking of illegal drugs. Because proceeds from the sale of illegal drugs are so large, the criminals need a variety of ways in which to re-introduce the drug dollars to the world financial system, in order that they may invest the criminal proceed or part of them in legitimate business.”
See page 1, THE AMERICAN COLLEGE OF TRUST AND ESTATE COUNSEL 2010 ANNUAL MEETING, BONITA SPRINGS, FLORIDA MARCH 9-14, 2010, FATF AND THE GOOD PRACTICES GUIDANCE MARCH 11, 2010 DUNCAN E. OSBORNE, HENRY CHRISTENSEN III Co Authors: Duncan E. Osborne, Osborne, Heiman, Knebel & Deleery, LLP, Austin, Texas, Henry Christenson, McDermott Will & Emery, New York, New York] Click here.