Lawyers also have:
– common law obligations to establish with clarity the identify of persons to whom advice is given and understand the purpose behind transactions;
– obligations when dealing with trust monies, where the use of lawyers’ trust accounts is restricted by statute to matters or transactions in relation to which legal services are provided. This means a lawyer cannot accept money into trust except in the course of or in connection to underlying legal services. There are also rules relating to the reporting of irregularities/record keeping for trust monies;
– for certain transactions involving “designated obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and related rules, as to be amended and apply to lawyers from 1 July 2026; and
– obligations under sanctions regulations to not enable funds to benefit sanctioned nations or individuals.
Division 400 of the Criminal Code 1995 (Cth), which deals with the proceeds of crime, applies to everyone, with offences for dealing (including recklessly or negligently) with money or other property that is or is likely to become, proceeds or an instrument of crime.