EDITORIAL
The Law Society of Namibia (LSN) must do more to help Namibia in its fight against money laundering by clamping down on rogue law firms that use their trust accounts to launder money.
The Fishrot scandal has shown us that law firms cannot be allowed to operate in the absence of tight regulations. These very same firms are at the heart of the scandal that saw trust accounts used as pay-points.
One wonders how many dodgy dealings have taken place in those trust accounts over the years.
Law firms should undergo rigorous audits to detect any untoward dealings and the authorities must devise punitive measures to ensure that they comply with anti-money laundering rules.
For far too long have we allowed law firms to operate in the dark - perhaps we had too much faith that they would not transgress the country’s laws during their operations.
Fishrot has placed the integrity of the legal profession at stake, and at the rate things are going, there will be little to salvage if nothing is done.
There are talks that the LSN is a toothless entity that is operated like a boys’ club, especially considering that the legal fraternity is an inter-connected space. As the regulator, more should be done to ensure that trust accounts are used for their intended purposes.
It is high time the LSN - without fear or favour - tightens the grip on legal professionals who do not meet the high ethical standards expected of them.
The Fishrot scandal has shown us that law firms cannot be allowed to operate in the absence of tight regulations. These very same firms are at the heart of the scandal that saw trust accounts used as pay-points.
One wonders how many dodgy dealings have taken place in those trust accounts over the years.
Law firms should undergo rigorous audits to detect any untoward dealings and the authorities must devise punitive measures to ensure that they comply with anti-money laundering rules.
For far too long have we allowed law firms to operate in the dark - perhaps we had too much faith that they would not transgress the country’s laws during their operations.
Fishrot has placed the integrity of the legal profession at stake, and at the rate things are going, there will be little to salvage if nothing is done.
There are talks that the LSN is a toothless entity that is operated like a boys’ club, especially considering that the legal fraternity is an inter-connected space. As the regulator, more should be done to ensure that trust accounts are used for their intended purposes.
It is high time the LSN - without fear or favour - tightens the grip on legal professionals who do not meet the high ethical standards expected of them.
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Namibian Sun
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