AMERICAN BAR ASSOCIATION FIGHTING BENEFICIAL OWNERSHIP PROPOSALS

An article in Quartz on 1st July says that the body representing US lawyers is opposing plans to introduce beneficial ownership legislation in the US – despite, it says, the legislation’s modest nature and bipartisan backing.  The ABA’s original complaint was that the law threatened attorney-client privilege, but Congress has since removed the offending clause.  It has found a surprising ally in the American Civil Liberties Union (ACLU), which argues that the bill’s definition of the beneficial owner of a company is too vague.

https://qz.com/1646365/the-american-bar-association-is-fighting-congresss-efforts-to-tackle-money-laundering/

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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