US BAR ASSOCIATION OPPOSES AML BILL REQUIRING SAR BY LAWYERS

On 2nd February, the ABA Journal reports that American Bar Association President Hilarie Bass is expressing concerns that an AML Bill would undermine the attorney-client privilege and impose “burdensome and intrusive regulations” on small businesses and their lawyers. The ABA opposes provisions that would regulate many lawyers and law firms as financial institutions under the Bank Secrecy Act when they help clients to establish small corporations and limited liability companies.

See also the ABA news release at –

https://www.americanbar.org/news/abanews/aba-news-archives/2018/02/aba_sends_letterto.html

and letter to Senate members at –

https://www.americanbar.org/content/dam/aba/uncategorized/GAO/1feb2018-abalettertosjcopposings1454.authcheckdam.pdf

www.abajournal.com/news/article/aba_opposes_anti_money_laundering_bill_requiring_suspicious_activity_report

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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