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Former Mishcon partner fined for breaking anti-money laundering rules

A former partner of Mishkon de Rea was fined £ 17,500 for his part in the breaches of money laundering laws that caused it. In record order Between the law firm and the law regulator in January.

The Bar Association said former corporate lawyer Michael Nuril had agreed to pay the fine for failures, including the lack of adequate due diligence on two proposed deals involving offshore companies in “higher risk” offshore.

The arrangement comes as Mishkon continues to prepare for the expected IPO on the London Stock Exchange.

The office is looking Worth £ 750 million For its offering, an amount that will undoubtedly make it the most expensive company in the UK-traded legal sector. It was Originally expected Sign up for the first quarter of the year, but was postponed due to volatile market conditions, according to sources with knowledge of the subject. These people said the company was still committed to continuing the IPO when the timing was right.

Mishkon, like other law firms in the city, is also facing job pressure for Russian clients following the invasion of Ukraine.

Law firms in the city began to sever ties with Kremlin-affiliated groups. In recent days, groups including the international “Magic Circle” outfit, Alan & Aubrey and Linkletters, have said they will refuse to work for Russian-controlled individuals or companies.

Mishkon advised wealthy Russian people through its “VIP Russia” service, which includes high-level immigration advice, wealth structure and real estate advice.

On Friday, the company announced that it was examining its Russian business and would not take on “new seats from any Russian state entity, Russian state-owned enterprises or people identified as having close ties with President Putin.”

But it “will continue to work for Russian customers who are not affected by sanctions in accordance with our regulatory obligations and ethical values, and also because we have not discriminated, and never will, on the basis of nationality or anything else.”

“In this context, some of our Russian customers are themselves the target of President Putin’s government,” the company added.

According to the findings released on Monday, Nuril – who left Mishkon in 2020 – was responsible for performing work for two individual clients and the related corporate vehicles between September 2015 and April 2017.

Noril did not perform adequate due diligence on any of the corporate vehicles. He also allowed four payments to be made to and from the firm’s client account, which are not fundamentally related to legal service.

It also allowed funds belonging to one of the corporate vehicles to be a “wrong transfer” to the customer register for the other corporate entity, according to the SRA findings. These funds were then illegally used to pay the other company’s fees.

Mishkon did not respond to the SRA’s update on Monday, but in response to a £ 232,500 fine in January. He said he reported the problems to the SRA himself. Noril’s response could not be obtained.

Former Mishcon partner fined for breaking anti-money laundering rules Source link Former Mishcon partner fined for breaking anti-money laundering rules

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