The Council of Europe Economic Crime and Cooperation Division (ECCD), in cooperation with the Financial Analytical Office, organised a Workshop on “AML/CFT obligations of legal professionals in Czech Republic in conducting Customer Due Diligence and reporting suspicious transactions” on 15 November 2022 in Prague, Czech Republic.
The event was attended by representatives of the legal professions, including lawyers and notaries, as well as representatives of the Financial Analytical Office (FAO, Czech Financial Intelligence Unit), Notarial Chamber and the Czech Bar Association.
The Workshop aimed at supporting Czech authorities in further raising the sector’s awareness on money laundering and terrorist financing (ML/TF) risks associated with their business activities. For instance, participants could benefit from a presentation about the relevant national and international AML/CFT framework covering the specificities of the legal professionals’ sector. Special attention was also dedicated to the findings of the last ML/TF National Risk Assessment of the Czech Republic, which has assessed the legal and advisory professions as being exposed to higher risks. In order to further raise awareness on risks identified in the NRA and to support the legal professionals in preventing and mitigating those risks, lawyers and notaries have been introduced to the main features of the AML/CFT risk-based approach through concrete examples of good practices and case studies.
In the second part of the Workshop, participants have been introduced to the “Guidelines for lawyers and notaries in Czech Republic on conducting Customer Due Diligence and reporting suspicious transactions”, which have been designed by the Council of Europe in close cooperation with FAO and the self-regulatory bodies. The document aims at supporting legal professionals to implement the AML/CTF requirements and properly fulfil their obligations as provided by the Czech legislation, notably to conduct the customer due diligence measures in line with the risk-based approach, as well as to submit relevant and proper ML/TF suspicious transaction reports to the FAO.
This event was organised within the framework of the Structural Reform Support Programme project on “Enhancing effectiveness of the AML/CFT regime in the Czech Republic”, funded by the European Commission Directorate General for Structural Reform Support and the Council of Europe, and implemented by the Council of Europe.