Apioneering virtual law firm has been fined £68,000 after allowing millions of dollars to pass through its client account with no link to any legal work.
Scott-Moncrieff and Associates, founded by former Law Society president Lucy Scott-Moncrieff, was sanctioned by the Solicitors Regulation Authority after its conduct gave rise to a ‘serious risk’ that the client account could be used for money laundering.
According to an SRA decision notice published yesterday, a consultant at the firm acted for a Russian client over the purchase of an asset for $CA22.5m (around £12m) from a company in Canada.
The firm agreed to provide escrow services and general advice to the client but it did not act in the sale and purchase agreement for the asset and there was no need for it to receive or make payments relating to that underlying transaction.