Latest Legal News: Senate Targets Money-Laundering Attorneys

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U.S. to Crack Down on Money-Laundering Attorneys and Others

The USA PATRIOT Act's anti-money-laundering provisions specifically exempt attorneys, but perhaps not for much longer. A major report by the Senate Permanent Subcommittee on Investigations details money laundering in recent years, and while much of it focuses on the banks, one recommendation is to end the exemption for lawyers. The report includes four case studies, and includes the contention that law firm Sidley Austin helped an African leader launder funds for the purchase of a $38.5 million plane, and that two other lawyers set up shell corporations to facilitate other transactions by the same leader.