Seminar A: Bureaucracy, Red Tape, and Delay: Who’s To Blame and Why? The Role of Banks and Lawyers in the War on Terrorism and Combating Money Laundering
During the 2012 gift rush, Fellows experienced frustrating delays when opening new trust and custody accounts at banks and other financial institutions. Federal legislation designed to prevent misuse of the financial system by criminals laundering the proceeds of crime and terrorists seeking to finance their activities applies to US financial institutions when they “onboard” new customers. Those rules stem from the Financial Action Task Force, which has also set standards that apply to attorneys and other businesses and professions. The panel will discuss efforts to increase transparency of the financial system by making information available to law enforcement about beneficial owners of legal entities and trusts and ways for attorneys to mitigate professional and potentially criminal risk associated with legal services.
Speakers:
ACTEC 2014 Annual Meeting March 4 – 9, 2014 Tucson, AZ
