The good people at IT Analysis have posted a write up about a new service for MLROs offered by Complinet. I'm trialling the service and while it is way over the top for many practitioners, I did find an immensely useful article entitled: Shelfwatch masterclass: beware the UK nominee company.
Although the piece is skewed towards the paranoid Patriot Act driven American market, there is clear application in the UK. It raises interesting questions for UK practitioners who meet new clients that are ostensibly trading out of the UK but using lawyers (for instance) as cover for offshore money laundering.
Personally, I'm not convinced such schemes are workable. In a conversation I had with Mark Lloyd, it is clear the money laundering rules apply as much to the legal profession as they do to accountants. But then I can see many circumstances where professionals could be hoodwinked.
In the meantime, it might be worth checking out the service and seeing if it is worth the subscripton -there is a 14-day free trial but you have to call them to get a quote - expect to fork over £1,000.
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