February 02, 2018

ABA sends letter to Senate Judiciary Committee opposing S. 1454, anti-money laundering bill

WASHINGTON, Feb. 2, 2018 — American Bar Association President Hilarie Bass sent a letter to the Senate Judiciary Committee expressing concerns over a proposed anti-money laundering bill that would undermine the attorney-client privilege and impose burdensome and intrusive regulations on millions of small businesses, their lawyers and other agents, and the states.

Bass also explained that the costly reporting requirements in the bill are unnecessary because the federal government, financial institutions, and the legal profession have developed other steps that are much more effective at combatting money laundering and terrorist financing. Therefore, the ABA urges members of the committee to oppose S. 1454 or any other similar measures.

The bill, S. 1454, the True Incorporation Transparency for Law Enforcement (TITLE) Act, will be discussed at the Committee’s Feb. 6 hearing titled “Beneficial Ownership: Fighting Illicit International Financial Networks Through Transparency.”

“The ABA has worked diligently for years with the legal community, federal law enforcement authorities, international stakeholders, and states to advance reforms to combat money laundering and terrorist financing,” Bass wrote. “Indeed, the ABA supports reasonable and necessary domestic and international measures to fight these illicit activities, and we commend the sponsors of the legislation for their efforts in this regard. However, the ABA opposes the proposed regulatory approach set forth in S. 1454 and other similar legislation for several important reasons.”

Read the letter here.

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