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Law | Daily LifeSuspicious transactions, and the legal professional

August 4, 20220

Broadening the reporting requirements of lawyers for suspicious transactions.

Risk-Based Guidance to the Real Estate Sector

4 At the same time, the ABA opposes any guidance or recommendations that would require lawyers who provide legal representation to clients in real estate transactions to disclose the identity and beneficial ownership of their clients or to report information about the clients’ transactions to government authorities.

FATF requests input on potential updates and changes to the Guidance, including several paragraphs that would substantially expand lawyers’ obligations to report alleged suspicious transactions by clients in “high-risk” real estate transactions by requiring such reporting even if the information involved is protected client information

Therefore, if the FATF amends the Guidance to require lawyers to submit STRs on their clients’ “high-risk” real estate transactions even when those reports contain protected client information, this change will undermine lawyer-client confidentiality, discourage clients from candidly consulting with their lawyers, and jeopardize the legal profession ‘s unique ability to help detect and prevent money laundering in the real estate sector before it occurs.

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