Session 1: The Role of the Lawyer in the Global Fight Against Money Laundering and Terrorist Financing (ETHICS)
This session will explore how lawyers are being enlisted by governments to monitor and enforce global anti-money laundering and terrorist financing laws through broad, international legal initiatives, including the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and the Financial Action Task Force (FATF) Recommendations, and the tension between those initiatives and the hallmark legal principles of attorney-client privilege and confidentiality. Customer due diligence (CDD), suspicious transaction reporting (STR) and no-tipping off (NTO) obligations already apply to lawyers throughout Europe and to a lesser degree in Canada. Is the United States next?
Public registers reporting beneficial ownership of corporations will become the gold standard in Europe and many offshore jurisdictions this year and next, and certain countries are including trust registries – public and private – in their local legislation as well. What does this mean for practitioners in the US and Canada and how might tax planning arrangements get caught in the crossfire? The session will also address specific
Carolyn Ann Reers, Greenwich, CT
Martin J. Rochwerg, Toronto, ON
Session 2: Going the Distance: Examination of Estate Planning Across the World’s Longest International Border
The United States and Canada not only share the world’s longest border (5,000 miles), but also enjoy one of the most comprehensive international trading relationships. With such vast economic ties, US persons and Canadians often have connections to both countries. Consequently, practitioners must be aware of the unique cross border tax and wealth transfer planning rules that apply to individuals and families with such ties. The differences between US and Canadian tax and wealth transfer rules are nuanced and do not necessarily fit together. This panel will examine some of these differences/mismatches including:
Through a detailed case study, the panel will also address the practical application to the laws by discussing the different types of wealth transfer and planning vehicles utilized in each country, common traps to avoid, and planning opportunities.
Leigh-Alexandra Basha, Washington, DC
Raj A. Malviya, Grand Rapids, MI
Cheyenne J.H. Reese, Vancouver, BC
Carmen S. Theriault, Vancouver, BC
Session 3: Critical Cross Border Considerations for Clients Who Travel and Live Internationally
Our clients travel (and may live) internationally, but are their health care powers, financial powers of attorney, estate planning documents, and health insurance equally portable? The Uniform Recognition of Substitute Decision-Making Documents Act, drafted jointly by the Uniform Law Commission and the Uniform Law Conference of Canada (the “ULCC”), is designed to promote the portability and usefulness of substitute decision-making documents. The panelists will discuss the practical application of the Act (which covers mutual recognition of Canadian and US decision-making documents), and the issues with cross border guardianships and powers of attorneys that are resolved (or left unresolved) by the Act and by the Hague convention. They also will discuss issues created, and potentially resolved, by different health care and health insurance systems across the globe (emphasizing Canada but including other countries.) Finally, the program will cover those dreaded choice of law issues that arise in implementing an estate plan that spans both sides of an international border. While the choice of law discussion will focus on estate and tax planning, the panel also will discuss the effect on guardianships of international estates.
Professor David M. English, Columbia, MO
Gail E. Mautner, Seattle, WA
Deborah J. Tedford, Mystic, CT
Recorded on June 29, 2019 in Vancouver, BC