These slides build on work found in my 2015 and 2010 FATF - legal profession law review articles. These slides were presented at the July 2016 International Legal Ethics Conference in New York City. I participated in a panel that focused on the impact of the Financial Action Task Force or FATF on the legal profession. Other panelists spoke about the 60 Minutes show Anonymous, Inc., FATF’s Mutual Evaluation of Canada and the Attorney General of Canada v. Federation of Law Societies of Canada case in which the Canadian Supreme Court struck down portions of an anti-money laundering law intruding on the attorney-client privilege. My remarks focused on the FATF’s ongoing 4th Mutual Evaluation process.  The FATF 4th Mutual Evaluation Reports have, inter alia, reviewed the legal profession’s implementation of FATF’s 40 Recommendations, which are designed to prevent money laundering and terrorism financing.  Many of the FATF’s Recommendations apply to “designated non-financial businesses and professions,” which includes lawyers involved in a broad range of activities.

 

At the time of this presentation, the U.S. had not yet received FATF’s draft 4th Mutual Evaluation Report. That report was expected to be released in October 2016.  Judging by past reports, the U.S. FATF Mutual Evaluation Report is likely to contain recommendations regarding AML reforms.  Although FATF Recommendations are not legally binding, they have been influential “soft law” because the FATF has the right to exclude members that do not implement its Recommendations.  These slides expand on the material found in my two published articles about FATF: Laurel S. Terry, U.S. Legal Profession Efforts to Combat Money Laundering & Terrorist Financing, 59 N. Y. L. S. L. Rev. 487 (2014/15) and  

For additional FATF-AML related items, including slides and 1-2 page summary documents, see the items listed under the "Financial Action Task Force" category at this webpage: https://works.bepress.com/laurel_terry