1. CURRENT PROBLEMS OF IMPLEMENTATION OF AUTHORITIES BY SUBJECTS OF PRIMARY FINANCIAL MONITORING (ON THE EXAMPLE OF ADVOCACY ACTIVITIES).
- Author
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Dmytryk, Olga, Voronova, Olha, Makukh, Oxana, and Parashchenko, Oleksandra
- Subjects
MONEY laundering ,PREVENTION of money laundering ,LEGAL professions ,PRACTICE of law ,ATTORNEY-client privilege ,LEGAL procedure ,LEGAL education - Abstract
This article aims at studying the national legislation, recommendations of international organizations (intergovernmental bodies), as well as the opinions of scholars and practitioners on the implementation of financial monitoring in the practice of law. The authors define the achievement of this goal by fulfilling the tasks set and answering the question of the correlation between the obligation to conduct financial monitoring and the attorney-client privilege. This article is of undoubted relevance due to Ukraine's active implementation of European integration processes and transformation of legislation in the field of prevention and counteraction to money laundering and terrorist financing. Along with this development is the independent status of the attorney-at-law and the practice of law, the maintenance and provision of which are constantly relevant in the State. The authors draw attention to the current legal regulation of financial monitoring in the practice of law, as well as to the FATF recommendations, emphasizing the importance of such a legal phenomenon as financial monitoring. The authors define the area of functional responsibility of law firms, law firms and attorneys-at-law who practice law individually as specially designated subjects of primary financial monitoring. In addition, this article emphasizes the peculiarities of financial monitoring in the practice of law and expresses concerns about certain peculiarities. At the same time, the authors outline the lack of unity in the attitude toward the purpose of financial monitoring, as well as the presence of scepticism and both constructive and unjustified criticism by practising attorneys at law of financial monitoring in the practice of law, namely its legal regulation. The authors determine that the most important result of this study is the emphasis on the need for a balanced ratio of the objectives of financial monitoring and the preservation of the independence of the legal profession. Summarizing, the researchers argue that financial monitoring is a challenge of the time, the achievement of which should not be declarative, but real. The reality of the goals of financial monitoring should be achieved by all subjects of the latter, including attorneys-at-law. At the same time, the combination of the status of an advocate and a subject of primary financial monitoring should be balanced, taking into account independence as a principle of the practice of law. [ABSTRACT FROM AUTHOR]
- Published
- 2023
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