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NEWS: Law firm Clyde & Co fined $635K for breaching UK money laundering rules

UK eyeing tougher laws to scrutinise foreign investment

By Sam Tobin 

Global law firm Clyde & Co was fined 500,000 pounds ($635,613) on Thursday for multiple breaches of money laundering regulations relating to a long-standing client.

The London-founded firm admitted it failed to conduct adequate due diligence on a shipping industry client – identified only as Company A – in relation to 14 transactions between 2014 and 2018.

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