In what is thought to be the first case of its kind, judges at the Court of Appeal ruled that law firm Giambrone, which has offices in Rome, Milan and Tunis as well as London and New York, is liable for the full consequences of its failure properly to advise about the potential risks around investing in an Italian resort development, a property scheme that is now under investigation for allegedly being a money-laundering vehicle for the mafia and IRA.
Times, 2 August 2017, 19
Subject: Legal Profession, Banking and finance, Criminal law
Keywords: Compensation; Investigations; Investor protection; Law firms; Money laundering; Terrorist financing
Companies referred: Giambrone