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

Production Date: February 19, 2015 Practice Areas: Ethics, International Law, and Business, Corporate, & Securities Law Estimated Length: 4020 minutes


$ 59 Ethics, International Law, and Business, Corporate, & Securities Law In Stock

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

Jayne W.
Denver, NC

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

Peter S.
Evanston, IL

excellent discussion very timely

Chicago, IL

very informative

Michael W.
New York, NY

Very informative

Kenneth S.
Northfield, IL

Great program. Most informative and very well presented.

Kirk L.
New York, NY

Excellent presentation by both lecturers.

Richard E H.
Berkeley, CA

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

David T.
Denver, CO


Adele W.
Dayton, OH

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

Carol J.
Schaumburg, IL

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.

carlos s.
Houston, TX

excellent course!!

Mark R.
Jacksonville, FL

Great course!

Peter A.
Garden City, NY

Great program with experienced guidance.

Cynthia M.
Knoxville, TN

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

Suzanne V.
buffalo, NY

Excellent presentation!

Chris R.
Las Vegas, NV

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

Troy F.
Bellevue, WA

These guys really know their stuff.

Derek W.
Shelbyville, KY

excellent presentation.

Steven W.
San Jose, SJ

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

arthur f.
Omak, WA

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

Sarah V.
Seattle, WA

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

tim r.
Seattle, WA

Showed good enthusiasm.

William D.
Denver, CO

Great introduction to FATF!

Eric M.
Hamilton, NJ


Catherine H.
Fort Worth, TX

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

Ronald J. Z.
Wellington, FL

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

Judith Marie F.
Houston, TX

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

Francis Gerard H.
Lockport, NY


Quietta B.
Columbia, SC


Charles K.
Marietta, GA

good overview

Jay C.
Northbrook, IL

Very useful supporting materials.

kenneth s.
New York, NY

truly excellent

Harold J T.
Stuart, FL

very relevant to the world as it now excists

Richard M.
Bal Harbour, FL

Very informative

elizabeth d.
St Cloud, FL

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

Kathleen S.
Sammamish, WA

Speakers extremely competent. Well done.

Charles D.
Tarrytown, NY

Well done.

Katherine A.
Cleveland, OH

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

Robert C.
Point Pleasant Beach, NJ

Attorneys personal knowledge and experience were very helpful.

Lisa L.
Buena Vista, CO

Informative program.

Gary W.
Richardson, TX

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

Robert L.
Glen Rock, NJ

Well presented

jeff a.
Grove City, OH

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

Arthur G.
Rutherford, NJ

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

Jesse R.
Galesburg, IL

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

Vincent S.
East Rutherford, NJ

very practical and useful

William F.
Rio Grande, NJ

Well presented and thorough

Martin A.
Fort Lee, NJ

great course.

John N.
Houston, TX

Very good presentation on a developing complex issue!!!

Carolyn H.
New York, NY

Great seminar

Mark A. J.
Hollywood, FL

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

Charles M.
Elkridge, MD

Excellent program, very informative. Every lawyer should see it

John T.
galveston, TX

Well Presented

Bruce H.
Miami, FL

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

Bonita L.
Trenton, NJ

Extremely well presented and interesting.

Chukwuka O.
Houston, TX

Great Instructor!

Linda S.
Collinsville, CT

Good discussion of a complicated topic

Bryon M.
Yardley, PA

Difficult topic. Well done!

Belinda B.
Sugar Land, TX

Interesting and good information to know

Bruce A.
Princeton, NJ

Good legal discussion and use of case law.

Gene H.
Grand Terrace, CA

Important subject matter for the time.

Susan H.

excellent content -- this could have been 1.5 hours

Dan H.
Hastings-on-Hudson, NY

Informative and useful

Richard C.
Kerrville, TX

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

Myron M.
Dallas, TX

Great Course. Great information for transactions attorneys.

Robert S.
Bradenton, FL

Just as good if not better on MP3!

Paul Steven H.
San Antonio, TX

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

John M.
Ocean, NJ

very good

Gary N.
Union, NJ

Nice job ...

Kirk L.
Black Mountain, NC


Cliff T.
Lexington, MA


Marcia M.
Tucson, AZ

Very good introduction to this area of regulation.


Informative and interesting

Theodore L.
Waterbury, VT

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

John M.
Stone Mountain, GA

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

Silvia C.
Atlanta, GA

Good topic

Andrea R.
Dallas, TX

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

John E.
Chicago, LB

Thought Kevin was very informative.

Mary T.
Brooklyn, NY

Very interesting presentation.

Patrick K.
Chesterfield, MO

Great course & topic, but too short