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.

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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