Some semblance of the road “Proof of negligence within the air, so to talk, won’t do” is lodged in lots of a lawyer’s head. Good ol’ Palsgraf.
Sadly, actuality doesn’t all the time line up with notorious tort choices from 1928; proof of negligence will be greater than sufficient when your agency hasn’t applied safeguards towards cash laundering. Simpson Thacher & Bartlett discovered that out the laborious means. Reuters has protection:
U.S. legislation agency Simpson Thacher & Bartlett has been referred to a tribunal over allegations IT did not have correct anti-money laundering insurance policies in place at its London workplace, a authorized regulator mentioned on Monday.
The agency has launched an announcement in response:
“At no level did any cash laundering happen nor was there any hurt to shoppers or third events in reference to the alleged shortcomings,” the spokesperson mentioned. The agency mentioned IT cooperated with the SRA probe.
Now, that may be a nice agency response! For non-lawyers, at the least. Answering “You didn’t have safety insurance policies in place” with “Nothing unhealthy occurred!” is a pink herring to distract from the difficulty at hand: negligence within the air.
As IT stands, IT is not sure if Simpson Thacher might be hit with a advantageous or a slap on the wrist. Both means, IT would make sense for them to arrange some anti-laundering protocols within the meantime.
Law Firm Simpson Thacher Must Face UK Tribunal Over Money Laundering Controls [Reuters]
Chris Williams grew to become a social media supervisor and assistant editor for Above the Regulation in June 2021. Previous to becoming a member of the employees, he moonlighted as a minor Memelord™ within the Fb group Law School Memes for Edgy T14s. He endured Missouri lengthy sufficient to graduate from Washington College in St. Louis College of Regulation. He’s a former boatbuilder who can not swim, a published author on critical race theory, philosophy, and humor, and has a love for biking that often annoys his friends. You possibly can attain him by e-mail at cwilliams@abovethelaw.com and by tweet at @WritesForRent.
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