A new front in the United States' anti-money laundering enforcement war is the gatekeepers' initiative, a set of proposals that would require lawyers in certain cases to file suspicious activity reports similar to those required of U.S. banks. While some lawyers have expressed alarm over what they view as a potential assault on the sacred rights of confidentiality between attorney and client, the initiatives nevertheless continue to gain strength as the U.S. works to keep up with the anti-money laundering efforts of the rest of the world, including the Financial Action Task Force, the European Union and individual countries that...
The U.S. government's increased scrutiny of legal and financial gatekeepers tied to money laundering schemes is likely to motivate some banks to spend more time reviewing related accounts, say compliance professionals.
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