The Section's session will examine the 2008 Guidance for Legal Professionals, anti-money laundering principles also known as the "Lawyer Guidance," recently issued by a Paris-based, 20-year-old, 34-member intergovernmental organization, the Financial Action Task Force (FATF) (logo below right). Entitled "The Transformative Effect of International Initiatives on Lawyer Practice and Regulation: A Case Study Focusing on the FATF & Its 2008 Lawyer Guidance," it will be held from 10:30 a.m.-12:15 p.m. on Friday, January 8, 2009.
Already confirmed speakers include: attorneys Kevin L. Shepherd and Colin Tyre, who will address the history, negotiating dynamics, and implementation of the 2008 FATF Lawyer Guidance, as well as Law Professors Ellen S. Podgor (Stetson), James Thuo Gathii (Albany), and Thomas D. Morgan (George Washington). The Section's Chair, Professor Laurel S. Terry of Penn State Dickinson School of Law, will moderate the panel.
Here's an excerpt of Laurel's call for papers:
Even if you have never heard of the FATF or its October 2008 Lawyer Guidance and even if you do not specialize in professional responsibility issues, please don’t rule yourself out of this call for papers -- you are in good company! One reason why we selected this topic for the Annual Meeting program is our belief that few scholars are aware of the FATF’s legal profession gatekeeper initiatives, even though they have the potential to implicate the lawyer-client relationship in significant practice areas and are likely to change, in some significant ways, the manner in which these U.S.Abstracts of 3 to 5 double-spaced pages, describing papers unpublished as of the session date, should be submitted by the deadline of September 1, 2009, to Section Chair Laurel Terry at LTerry@psu.edu. Laurel also welcomes e-mails seeking more information about the call or the program.
The 2008 FATF Lawyer Guidance applies to U.S transactional lawyers whenever
they are involved in one of five areas of activity:
► helping their clients buy or sell real estate,
► helping them create, operate, or manage legal persons, such as corporations,
► helping them buy or sell business entities, or
► helping manage client money, securities or other assets or bank, savings or securities accounts.
The 2008 FATF Lawyer Guidance requires these lawyers to comply with certain recordkeeping requirements and conduct client due diligence (sometimes referred
to as “know your client” rules). But it does not include any suspicious transaction reporting obligations, which was viewed as a victory for the legal profession. A number of countries already have implemented the FATF principles by amending their laws or ethics rules; the United States is considering how to implement them.