Lawyers as policemen - the prevention of money laundering regulations

Abstract

I have heard that the first person to be convicted of money laundering in Malta was the drug dealer who, upon being gently interrogated by the Police about the provenance of reasonably large amounts of cash deposited in a safe custody box with a bank, answered "Sir, where else could I have safely concealed all the money I made from selling drugs?". Now that was an easy case - for the prosecution of course. Unfortunately however, money laundering activities are usually much more complex and yes, it has been acknowledged by the most authoritative international voice on money laundering- the Financial Action Task Force -that lawyers too may be "gatekeepers for money laundering".