Draft Law # 3062 on Amendments to the Law “On prevention and counteraction of money legalization (laundering), received by illegal means”: implications for the legal community
30/10/2008
On 28 of October 2008, Vasil Kisil & Partners’ associate Oksana Zizda took part in the Joint Meeting of the American Chamber of Commerce (ACC) Legal Committee and Tax Committee dedicated to the Draft Law #3062 on Amendments to the Law “On prevention and counteraction of money legalization (laundering), received by illegal means”, adopted in the first reading by the parliament on September 25.
The main implication of the Draft Law for the legal community is that it includes law companies and lawyers into the group of subjects to primary financial monitoring obligated to conduct client identification, client income source identification, client activity monitoring in order to identify money-laundering transactions and terrorist activity financing, as well as reporting such kind of client operations to the controlling body.
Meeting participants all agreed on the fact that their comments and suggestions ought to be considered in regards to this draft law in order to reduce the functions of law companies as subjects to primary financial monitoring as much as possible.
The main implication of the Draft Law for the legal community is that it includes law companies and lawyers into the group of subjects to primary financial monitoring obligated to conduct client identification, client income source identification, client activity monitoring in order to identify money-laundering transactions and terrorist activity financing, as well as reporting such kind of client operations to the controlling body.
Meeting participants all agreed on the fact that their comments and suggestions ought to be considered in regards to this draft law in order to reduce the functions of law companies as subjects to primary financial monitoring as much as possible.