FATF and Anti-Money-Laundering Ethics: What Should a Transactional Lawyer Worry About?

(2229 Ratings)

Produced on: February 19, 2015

Course Format On Demand Audio

Taught by

Categories:

Course Description

Time 67 minutes
Difficulty Intermediate

How likely is it that you are unwittingly assisting a client in money laundering or terrorist financing? That may seem far-fetched, but the U.S. legal profession is under intense pressure to embrace anti-money laundering requirements that apply to banks and other financial institutions. 

 

In 1989, the G-8 nations founded the Financial Action Task Force (FATF) for the purpose of promoting policies to combat money laundering. To this end, FATF developed 40 Recommendations aimed at money laundering and terrorist financing. 

 

These requirements mandate that a number of "designated Non-Financial Businesses and Professions" (DNFBPs) adopt rigid client due diligence protocols at the client intake stage and during the course of the representation. These "gatekeepers" include lawyers, accountants and trust company service providers. 

 

The FATF effort to impose reporting obligations on U.S lawyers would run seriously afoul of the duty of client confidentiality and traditional attorney-client privilege. Despite the adoption by the ABA in 2010 of comprehensive voluntary good practices guidance to assist lawyers in assessing client risk, the federal government continues to insist that lawyers do more to combat money laundering and terrorist financing. 

 

Moses & Singer partner Gideon Rothschild and Venable partner Kevin Shephard review the guidance, the legislative and regulatory efforts to impose anti-money laundering requirements on the legal profession, a new ethics opinion on Gatekeeper issues, and a publication produced by the ABA, the International Bar Association, and the Council of Bars and Law Societies of Europe to assist lawyers in detecting and preventing money laundering.

 

Learning Objectives:

I.     Understand FATF and the Risk Based Approach

II.    Comprehend how and when to assess client risk

III.   Apply procedures to help detect and prevent money laundering

IV.   Identify conflicts between the Model Rules and FATF recommendations

V.    Grasp  when  to  decline  or  terminate  representation  based  on  Model Rules 1.2 and 1.6

Program Attorney: Sigalle Barness

Faculty

Gideon Rothschild

Moses & Singer LLP

Gideon Rothschild is a partner with the New York City law firm of MOSES & SINGER LLP, where he co-chairs the Trusts & Estates and Wealth Preservation Group. He focuses his practice in the areas of domestic and international estate planning techniques for high net worth clients and is a nationally recognized authority on wealth preservation and foreign trusts. 

Mr. Rothschild is the Chair of the Real Property, Trust & Estate Law Section of the American Bar Association, a Fellow of the American College of Trust and Estate Counsel and Academician of The International Academy of Trust and Estate Lawyers. He is a member of the Advisory Boards of BNA’s Tax  Managementand Trusts and Estates, the Immediate Past Chair of the New York Chapter of the Society of Trust and Estate Practitioners (STEP), and a member of the New York State Bar Association. 

He has taught as an Adjunct Professor at the University of Miami Law School Graduate Program and New York Law School and has lectured frequently to professional groups including the University of Miami’s Philip Heckerling Institute, the New York University Federal Tax Institute, the New York State Bar Association, the American Bar Association, and the American Institute of Certified Public Accountants. 

Mr. Rothschild is the co-author of the BNA Tax Management portfolio on Asset  Protection  Planning and has authored numerous articles for publications including Trusts  and  Estates and Estate  Planning. Mr. Rothschild was elected to the National Association of Estate Planners and Councils Hall of Fame as a Distinguished Accredited Estate Planner and is listed in Chambers  USA, Best Lawyers  in  America,  Top  100  New  York  Superlawyers and Worth’s Top  100 Lawyers. Mr. Rothschild is also licensed as a Certified Public Accountant.

Mr. Rothschild distinguishes himself from many of his peers in that his estate planning recommendations are integrated with asset protection objectives. That is, by educating his clients on the non-tax benefits available with trusts and other vehicles and how they can be drafted in a flexible manner, his clients can achieve both tax savings and wealth preservation. Such benefits include protection from divorce, creditors or litigation exposure.

Kevin L. Shepherd

Venable LLP

Kevin Shepherd is a senior partner in Venable’s Real Estate Practice Group, one of the preeminent real estate practices in the nation. Mr. Shepherd represents large national and multinational institutions in complex real estate transactions, ranging from the development of electric generation power plant facilities and the world headquarters of a multinational biotechnology and life science firm to the purchase and sale of the nation’s highest profile assets.

 

Mr. Shepherd offers clients unusual experience in working through complex real estate transactions, diligence in the thorough drafting and coordination of interrelated documents, and creative solutions that save clients money.

 

Significant Matters

Mr. Shepherd has worked on numerous high profile commercial real estate transactions, both domestically and internationally. Locally, Mr. Shepherd was involved in the purchase and sale of 100 East Pratt Street, the premier office tower in Baltimore, the development of the most recent additions to Baltimore's skyline (Baltimore Marriott Waterfront Hotel and 750 East Pratt Street, the first office tower to be built in Baltimore's Inner Harbor after 2000), and the sale of the corporate world headquarters campus of Life Technologies, Inc. Mr. Shepherd represented a subsidiary of The General Electric Company in connection with a long term lease of its corporate headquarters facility, which was one of the largest lease transactions in Montgomery County history. Nationally, Mr. Shepherd regularly represents numerous real estate investment trusts, pension funds, and institutional investors and, internationally, represents hotel developers. Mr. Shepherd represents merchant power companies in connection with the development of electrical generation facilities in Maryland.  Set forth below are a few recent transactions in which Mr. Shepherd has been involved:

  • Represent nation’s premier, NYSE listed biotechnology real estate investment trust on acquisition, land use, financing, and leasing transactions. 
  • Represent major national real estate investment trust in real estate transactions in acquisition and disposition of assets in New York City, Northern Virginia, Seattle, and San Francisco, including one of the largest single building real estate transactions in New York City history.
  • Represented national wildlife organization in the disposition of its significant land holding on Maryland’s Eastern Shore.
  • Represented Maryland municipality in $350+ million urban town center redevelopment project.  Project entailed several retail, residential, and commercial condominium units, complex structured finance arrangement, and numerous cross-easement agreements.  This project was at the time the largest private real estate development project in Maryland.

 

Activities

Mr. Shepherd holds significant leadership positions in Venable and law-related organizations. Mr. Shepherd is Managing Director of Finance and chair of Venable's Finance Committee, which oversees the firm's financial operations, policies, and procedures.  For a dozen years, Mr. Shepherd served as chair of Venable’s Real Estate Practice Group.

 

Mr. Shepherd is a past Chair of the ABA Section of Real Property, Trust and Estate Law, and he is a past president of the American College of Real Estate Lawyers. ACREL is the country’s most prestigious honorary organization for practicing real estate lawyers. Mr. Shepherd is a member of the Anglo-American Real Property Institute, an organization comprised of 50 United States real estate lawyers and 50 United Kingdom real estate barristers and solicitors.  Mr. Shepherd is a member of the ABA House of Delegates, the policy-making body of the ABA.

 

Mr. Shepherd has served on a number of task forces and committees, and is chair of the ABA Task Force on Gatekeeper Regulation and the Profession, and he served for several years on the ABA Standing Committee on Publishing Oversight. 

 

Mr. Shepherd is a former editor-in-chief of Probate & Property, the highly regarded bi-monthly magazine of the ABA Section of Real Property, Trust and Estate Law. He recently concluded a two year term of the Character Committee of the Court of Appeals of Maryland.

Reviews

JD
Jonathan C. D.

The top authorities in this field.

JW
Jayne W.

GREAT overview with real examples. very helpful and easy to understand.

PS
Peter S.

excellent discussion very timely

YZ
YI Z.

very informative

MW
Michael W.

Very informative

KS
Kenneth S.

Great program. Most informative and very well presented.

KL
Kirk L.

Excellent presentation by both lecturers.

RH
Richard E H.

Well organized and well-delivered presentation. Would have liked more specifics on how to deal with CDD in foreign countries.

DT
David T.

Excellent

AW
Adele W.

Outstanding course on lawyers' ethical obligations with respect to anti-money laundering law and international efforts, including tensions between lawyers' obligations to clients and obligations to assist financial authorities in their anti-money laundering and terrorist funding efforts

CJ
Carol J.

This course contained good background information on anti-money laundering ad terrorist financing. I would like to see an update because this is from 2015.

CS
carlos s.

excellent course!!

MR
Mark R.

Great course!

PA
Peter A.

Great program with experienced guidance.

CM
Cynthia M.

Really interesting look at an area more and more will need to deal with. thank you!

SV
Suzanne V.

Excellent presentation!

CR
Chris R.

Honestly maybe the best CLE I have ever attended. Should be required for every transactional lawyer.

TF
Troy F.

These guys really know their stuff.

DW
Derek W.

excellent presentation.

SW
Steven W.

This was a very good presentation; the information is so pertinent and condensed, I would like to view it again.

AF
arthur f.

ethics involved potentially for clients who may be laundering money and or terrorist financing are important and relevant today.

SV
Sarah V.

I was surprised by how interesting and engaging this presentation was!

TR
tim r.

Showed good enthusiasm.

WD
William D.

Great introduction to FATF!

EM
Eric M.

Fantastic.

CH
Catherine H.

thanks very much, the presenters were great on this one & really informative

RZ
Ronald J. Z.

Excellent overview of subject matter's development and current status.

JF
Judith Marie F.

Excellent presentation. I am eager to have a look at the Lawyer's Guide.

FH
Francis Gerard H.

Informative.

QB
Quietta B.

Thanks!

CK
Charles K.

good overview

JC
Jay C.

Very useful supporting materials.

KS
kenneth s.

truly excellent

HT
Harold J T.

very relevant to the world as it now excists

RM
Richard M.

Very informative

ED
elizabeth d.

This could have easily been a 2 or 3 part series. The information was great

KS
Kathleen S.

Speakers extremely competent. Well done.

CD
Charles D.

Well done.

KA
Katherine A.

Thought this presentation was well done - I like the 2 person format. Great information for attorneys as well as bankers.

RC
Robert C.

Attorneys personal knowledge and experience were very helpful.

LL
Lisa L.

Informative program.

GW
Gary W.

These guys are good speakers and very informative. I also like the scenario they used, which seem real world.

RL
Robert L.

Well presented

JA
jeff a.

I appreciated the detailed materials, far more than the all too often supplied point point slides of the talk

AG
Arthur G.

amazing the number of the email collection estate matters that are sent clients need to be warned as do attorneys

JR
Jesse R.

Top-notch program, great speakers who presented the topic thoroughly.

VS
Vincent S.

very practical and useful

WF
William F.

Well presented and thorough

MA
Martin A.

great course.

JN
John N.

Very good presentation on a developing complex issue!!!

CH
Carolyn H.

Great seminar

MJ
Mark A. J.

The course materials were very informative and helpful for the future.

CM
Charles M.

Excellent program, very informative. Every lawyer should see it

JT
John T.

Well Presented

BH
Bruce H.

....very valuable course, particularly as to new developments in the law and practice....

BL
Bonita L.

Extremely well presented and interesting.

CO
Chukwuka O.

Great Instructor!

LS
Linda S.

Good discussion of a complicated topic

BM
Bryon M.

Difficult topic. Well done!

BB
Belinda B.

Interesting and good information to know

BA
Bruce A.

Good legal discussion and use of case law.

GH
Gene H.

Important subject matter for the time.

SH
Susan H.

excellent content -- this could have been 1.5 hours

DH
Dan H.

Informative and useful

RC
Richard C.

Lots of excellent information in a short period of time. Should be mandatory viewing for any attorney handling money from foreign (or questionable) origins.

MM
Myron M.

Great Course. Great information for transactions attorneys.

RS
Robert S.

Just as good if not better on MP3!

PH
Paul Steven H.

Awesome! Don't miss it! Riveting! A blockbuster performance!

JM
John M.

very good

GN
Gary N.

Nice job ...

KL
Kirk L.

good

CT
Cliff T.

Excellent

MM
Marcia M.

Very good introduction to this area of regulation.

LS
LEONEL A. S.

Informative and interesting

TL
Theodore L.

Excellent - speakers especially solid on an aoral overview, introducing the written masterials in context.

JM
John M.

Hope there is a follow-up program late this year or next year.

SC
Silvia C.

Good topic

AR
Andrea R.

Up to date and solid information. I was so glad to see this course come through. Please, invite these speakers back again!

JE
John E.

Thought Kevin was very informative.

MT
Mary T.

Very interesting presentation.

PK
Patrick K.

Great course & topic, but too short

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