White-collar crime specialist Jonathan Fisher QC has delivered an anti-money laundering training course on behalf of the Isle of Man Law Society.
The course, sponsored by Conister Bank and held at the Claremont Hotel, Douglas, formed part of the Society’s continuous professional development programme that seeks to expose advocates to specialist legal expertise.
Queen’s Counsel Mr Fisher is a barrister at Devereux Chambers, Temple, London, and recommended in legal directories as the ‘go-to silk for cases involving tax and money laundering’ (Chambers UK, 2014). In addition to his full-time practice work he is a visiting professor at the London School of Economics; general editor of the Lloyds Law Reports: Financial Crime; an honorary member of the London Fraud Forum’s steering committee; a chartered tax adviser and Fellow of the Chartered Institute of Taxation; and an accredited trusts and estates practitioner.
With money laundering high on the political, legal and regulatory agenda the need for advocates to understand the ‘tainted gift’ provision of the Proceeds of Crime Act 2002, be skilled in identifying fraudulent funding structures and expose the beneficial owners of proceeds of crime was all the more crucial, said Mr Fisher.
‘We live in a world where global regulatory procedures - in particular anti-money laundering mechanisms - are developing apace in an attempt to minimise tax evasion and bring to justice those who seek to benefit from the proceeds of crime,’ he continued.
It was a challenge, he said, made all the more demanding given the increasingly sophisticated technology that enabled ill-gotten funds to be transferred across borders ‘at the touch of a button’.
Mr Fisher explained that AML legislation originated in the fight against drugs crime. ‘Then, as now, it was all about “following the money”. But this evolved into a second phase, pursuing the proceeds of corporate crime. Then, after 9/11, came the third phase, identifying those funding terrorist activities.
‘Organised crime uses limited companies and trusts as vehicles to hide criminal proceeds and the aim of legislation is to force out the true identity of the beneficial owners. As an offshore financial jurisdiction the Isle of Man is potentially vulnerable to being used as a conduit for illegally obtained funds, so CSPs, accountants and advocates must be alert to fraudulent activities.
‘Regrettably the “bad guys” will always be one step ahead. What AML seeks to do, though, is batten down and reduce those incidences of white-collar crime. And what AML training seeks to do is ensure those working in the regulated sector have the skills to check out the source of clients’ funds so they are not unwittingly helping criminals use structures to conceal their identity as well as the illicit origin of the money.’
