Anti-Money Laundering Rules For Financial Institutions
November 14, 2011, 1:15 PM EST
Law360, New York (November 14, 2011, 1:15 PM EST) -- Are lawyers and other professionals going to be subject to money laundering regulations? Will lawyers have to submit suspicious activity reports? Suspicious transaction reports? Will there be an international registry of all trusts which would include the names of the settlor, trustee and beneficiaries? As recently as April of 2010, France advocated for such an international registry.
By way of background, the Financial Institutions Task Force (FATF) was established in 1989 by the G7 nations of United States, United Kingdom, Germany, France, Italy, Japan and Canada,...