Syria

CENTRAL AUTHORITY FOR REPORTING

Commission for Fighting Money Laundering and Financing of Terrorism

ARE LAWYERS COVERED BY MONEY LAUNDERING LEGISLATION?

Yes

NAME LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES

New York Convention of 9/12/1999 on combating Financing of Terrorism to which Syria adhered on 3/3/2005
Legislative Decree no 33 of 1/5/2005 abrogating the old Legislative decree no 59 of 2003 (the New Money Laundering Law)

IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?

UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?

Lawyers must report to the head of the Commission (i.e. the Governor of the Central Bank) on all transactions suspected to involve money laundering or financing of terrorism. (Art. 9-a of the new Money Laundering Law) and the Commission is allowed to ask them for further details on the matter (Art. 10-a of the new of the new money Laundering Law)

LAWYER RESPONSIBILITY/LIABILITY

Violating the obligations pertaining to clients verification and identification or to reporting suspected transactions to the Commission is sanctioned by a three month to one year imprisonment in addition to a fine amounting to 250,000 to 1 Million Syrian Pounds (i.e. approx. 4,545 to 18,181 US$) (Art. 17 of the New Money Laundering Law)

However, all the persons requested by law to report on suspected money laundering transactions enjoy a judicial immunity similar to that granted to the members of the Commission, preventing them from being prosecuted before civil or criminal courts for any liability related to the performance of their obligations as prescribed by the money laundering law (Art. 13 of the New Money Laundering Law).

CLIENTS IDENTIFICATION AND VERIFICATION

Banks and financial institutions (inter alia) are under the obligation to keep a record of all transactions which amounts exceed 500,000 Syrian Pounds or its equivalent in other currencies (Commission’s Decision No.2 of 27/10/2005). They must also do so, for permanent clients or if they have a doubt that their clients' transactions involve money laundering or that the information provided by their clients is not accurate or in case of their clients change of identity. (art. 4-a of the New Money Laundering Law)

The above obligation also applies to lawyers when they advise their clients on the following transactions: sale and purchase of real estate; management of their clients businesses or portfolios, management of bank accounts, saving accounts or investment accounts in the local or international financial markets, formation, activities and management of companies, establishment and management of legal persons and sale and purchase of commercial entities. (art. 4-b of the New Money Laundering Law)

LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES

No information available

Information provided by:

Hakim Law Firm
Name: Lina el-Hakim
Email: l_hakim@scs-net.org ; hakim@net.sy