The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
You have been approached by a new client with instructions to assist in the purchase of a football club. The client is a high net worth individual who made his fortune in the mining industry in an emerging market. He then moved into politics before choosing to pursue some business interests.
In accordance with the firm’s policy, enhanced due diligence (EDD) has been carried out and his politically exposed person (PEP) status was highlighted. The issue of source of funds was raised and the client responded to say that the acquisition was to be funded out of the proceeds of sale of one of his former mining businesses.
During the course of the matter you have found the client to be a difficult character who constantly tries to change his instructions with no logical explanation.
It has also been brought to your attention by a junior lawyer that in a recent news article the client had been accused of bribery in obtaining the mining concessions on which his fortune was built. Further, during his time in politics, the client was implicated in an expenses scandal.
You raised the issues with the client who explained that the charges were politically motivated and had been invented by an opponent to discredit him.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.