Cave pecuniam: Lawyers as launderers
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Date
2012
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
North-West University
Abstract
In South Africa there is something almost sacrosanct about an attorney's trust
account. It is the prescribed destination of all funds paid in trust by a client to an
attorney. Clients tend to have complete confidence in the fact that their money is
entrusted thus. Its very designation as trust money encourages such confidence.
The trust account is also the account in respect of which the Attorneys Fidelity Fund
requires an annual audit to determine if an attorney is awarded the Fidelity Fund
Certificate which he requires to practise. All in all, the trust account is the barometer
of the good standing of a law practice, and the index of its trustworthiness. Hence
the aura of venerability which surrounds it.
Description
Keywords
Money laundering, Attorney trust account, Attorneys Fidelity Fund
Citation
Hamman, A. and Koen, R. (2012). Cave pecuniam: Lawyers as launderers. Potchefstroom Electroniese Regsblad, 15(5): 69-100