The American Bar Association is weighing the adoption of a new standard to address criticism that attorneys often fail to screen for illicit finance when forming legal entities for clients. An early draft of the proposal on the ABA's website suggests attorneys should sever ties with any client who "insists" on using their services in furtherance of fraud and other crimes, and "assess the facts and circumstances of each representation," such as their knowledge of the individual and "the relevant jurisdictions involved." As the ABA already prohibits attorneys from knowingly helping clients engage in crime, the proposal primarily aims to...
A proposal to extend U.S. anti-money laundering requirements to lawyers and accountants has been excluded from a draft of an annual defense-spending bill, the National Defense Authorization Act, or NDAA, reducing its chances of passing this year.
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