A B.C. lawyer wired $2.6 million to a company in Dubai, through his trust account, on behalf of a client who was under investigation by the U.S. Securities and Exchange Commission — just one of several instances of professional misconduct as determined by a Law Society of BC tribunal Sep. 7.
Wang deposited $2.9 million from client “WW” by September 2017, without having provided legal services. He was then told of the securities investigation by another client and associate of WW. Wang moved various smaller sums of money for WW and their spouse NW, via his trust account, until NW instructed Wang to wire much of it to a company in Dubai, in June 2018.
Although Wang contested the allegations, “The Panel does not accept that experienced counsel would have virtually no records to document or substantiate a file if the Respondent’s contention were to be accepted as true.” “The risk of non-compliance is the perception of, and potential for, money laundering,” wrote the tribunal, citing findings by the Commission of Inquiry into Money Laundering in B.C., which concluded “an enormous volume of illicit funds are laundered through British Columbia’s economy every year with significant negative impacts on the people living in this province.”
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