UK Set New Precedent for AML in Swiss Law Firm Case Regarding €12 Million Revenue

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The Court of Appeal in England and Wales has recently set a new precedent in a highly complex case involving both organisations and independent professionals who became embroiled in a EUR €100 million international fraud scandal against Allseas Group, a Swiss investment company, including an attempt to launder the income through the client account of a London-based law firm.

Most of the money has been recovered, but the defrauded parties are trying to recover the remaining EUR €12 million from the law firm and from Liechtensteinische Landesbank: Private Switzerland and one of the lender’s employees (as per the ruling given in Group Seven v Notable 2019).