Lawyers Seek Clear ABA Due Diligence Rules on Money Laundering

Potential amendments to the American Bar Association’s Model Rules of Professional Conduct should include “black letter” amendments with regards to client due diligence on money laundering, legal professionals and academics told the ABA Friday.

The ABA said in a Dec. 15 release that its Standing Committee on Ethics and Professional Responsibility and Standing Committee on Professional Regulation were seeking comments on draft changes to the Model Rules. The Committees sought to explain the duties of lawyers to help combat money laundering and terrorism financing, adding that they were focused on issuing additional guidance but not any new amendments to the ...