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The Relevance Of Fatf’S Recommendations And Fourth Round Of Mutual Evaluations To The Legal Profession, Laurel S. Terry, José Carlos Llerena Robles Dec 2017

The Relevance Of Fatf’S Recommendations And Fourth Round Of Mutual Evaluations To The Legal Profession, Laurel S. Terry, José Carlos Llerena Robles

Laurel S. Terry

More than two hundred countries in the world have agreed to abide by the anti-money laundering (“AML”) recommendations developed by the Financial Action Task Force (“FATF”), which is an intergovernmental organization. This Article focuses on the potential impact on the legal profession of FATF’s fourth round of mutual evaluations. During these mutual evaluations, which currently are underway, FATF-affiliated countries examine each other’s compliance with the FATF Recommendations and recommend follow-up action. This Article first presents the legal profession-related results from the completed Mutual Evaluation Reports, including case studies from Australia, Canada, and the United States regarding legal profession preparation for …


Lawyer Regulation, Aml, And Fatf's Mutual Evaluations, Laurel S. Terry, José Carlos Llerena Robles Nov 2017

Lawyer Regulation, Aml, And Fatf's Mutual Evaluations, Laurel S. Terry, José Carlos Llerena Robles

Laurel S. Terry

These presentation slides were used at the December 2017 Fordham Regulation of Legal and Judicial Services Conference andwill be the basis for our forthcoming article in Volume 41 of the Fordham J. of International Law, entitled "The Relevance of FATF's Recommendations and the 4th Round of Mutual Evaluations to the Legal Profession."These slides focus on FATF’s 4th round of “Mutual Evaluations, which currently are underway.  During these mutual evaluations, FATF-affiliated countries examine each other’s compliance with the FATF Recommendations and recommend follow-up action for those countries whose lawyer regulation or implementation is not in compliance.  
 
As the …


Collaborative Gatekeepers, Stavros Gadinis, Colby Mangels University Of California - Berkeley Nov 2017

Collaborative Gatekeepers, Stavros Gadinis, Colby Mangels University Of California - Berkeley

Stavros Gadinis

In their efforts to hold financial institutions accountable after the 2007 financial crisis, U.S. regulators have repeatedly turned to anti-money-laundering laws. Initially designed to fight drug cartels and terrorists, these laws have recently yielded billion-dollar fines for all types of bank engagement in fraud and have spurred an overhaul of financial institutions’ internal compliance. This increased reliance on anti-money-laundering laws, we argue, is due to distinct features that can better help regulators gain insights into financial fraud. Most other financial laws enlist private firms as gatekeepers and hold them liable if they knowingly or negligently engage in client fraud. Yet, …


The Fatf’S 4th Mutual Evaluations, The U.S., & Lawyers (2016 Ilec Slides; See Also Cited 2015 & 2010 Articles), Laurel S. Terry Dec 2015

The Fatf’S 4th Mutual Evaluations, The U.S., & Lawyers (2016 Ilec Slides; See Also Cited 2015 & 2010 Articles), Laurel S. Terry

Laurel S. Terry

These slides build on work found in my 2015 and 2010 FATF - legal profession law review articles. These slides were presented at the July 2016 International Legal Ethics Conference in New York City. I participated in a panel that focused on the impact of the Financial Action Task Force or FATF on the legal profession. Other panelists spoke about the 60 Minutes show Anonymous, Inc., FATF’s Mutual Evaluation of Canada and the Attorney General of Canada v. Federation of Law Societies of Canada case in which the Canadian Supreme Court struck down portions of an anti-money laundering law intruding …


An Introduction To The Financial Action Task Force And Its 2008 Lawyer Guidance, Laurel S. Terry Oct 2015

An Introduction To The Financial Action Task Force And Its 2008 Lawyer Guidance, Laurel S. Terry

Laurel S. Terry

The Financial Action Task Force (FATF) is a thirty-eight-member intergovernmental organization whose mission is to fight money laundering and terrorism financing; the U.S. is a founding member of the FATF. The FATF is best known for its 40 Recommendations, many of which are directed towards various kinds of “gatekeepers” who are in a position to facilitate or inhibit money laundering and terrorism financing. (These were previously known as the 40+9 Recommendations). Lawyers are among those to whom the FATF’s recommendations apply. This article provides the introduction for the Journal of the Professional Lawyer’s Symposium about the application of the FATF …


Moving Money: International Financial Flows, Taxes, And Money Laundering, Richard Gordon, Andrew P. Morriss Jul 2015

Moving Money: International Financial Flows, Taxes, And Money Laundering, Richard Gordon, Andrew P. Morriss

Andrew P. Morriss

Allegations by political leaders and others that offshore financial centers enable multinational enterprise to avoid paying a “fair” amount of tax — and that they enable wealthy individuals to evade paying any tax, much of it on ill gotten gains — are once again garnering headlines and inspiring government action. One of the most prominent commentators on these topics, The Tax Justice Network, has recently claimed that thanks to the services of tax havens $21-$32 trillion of wealth of questionable origin remains hidden and untaxed, and that such abuse must be stopped through greater regulation. In this paper we argue …


Internet Casinos: A Sure Bet For Money Laundering, Jon Mills Apr 2015

Internet Casinos: A Sure Bet For Money Laundering, Jon Mills

Jon L. Mills

Since the end of World War II, American society has seen the emergence of technology promising to make life easier, better and longer lasting. The more recent explosion of the Internet is fulfilling the dreams of the high-tech pundits as it provides global real-time communication links and makes the world's knowledge universally available. Privacy concerns surrounding the develop-ment of the Internet have mounted, and in response, service providers and web site operators have enabled web users to conduct transactions in nearly complete anonymity. While anonymity respects individual privacy, anonymity also facilitates criminal activities needing secrecy. One such activity is money …


U.S. Legal Profession Efforts To Combat Money Laundering And Terrorist Financing, Laurel S. Terry Dec 2014

U.S. Legal Profession Efforts To Combat Money Laundering And Terrorist Financing, Laurel S. Terry

Laurel S. Terry

This article was prepared for the Symposium on Combating Money Laundering and Terrorist Financing, which was the first academic symposium of its kind, and included speakers from the U.S. Department of the Treasury, the FDIC, and the IRS. It focuses on the legal profession and explains how the US has implemented the FATF Recommendations that address the role that "gatekeepers," including lawyers, can serve to combat money laundering and terrorist financing. After setting forth introductory material about the intergovernmental organization called the Financial Action task Force or FATF, the FATF Recommendations, and the degree to which the FATF Recommendations have …


Does "Proceeds" Really Mean "Net Profits"? The Supreme Court's Efforts To Diminish The Utility Of The Federal Money Laundering Statute, Jimmy Gurule Nov 2013

Does "Proceeds" Really Mean "Net Profits"? The Supreme Court's Efforts To Diminish The Utility Of The Federal Money Laundering Statute, Jimmy Gurule

Jimmy Gurule

No abstract provided.


The Money Laundering Control Act Of 1986: Creating A New Federal Offense Or Merely Affording Federal Prosecutors An Alternative Means Of Punishing Specified Unlawful Activity?, Jimmy Gurule Nov 2013

The Money Laundering Control Act Of 1986: Creating A New Federal Offense Or Merely Affording Federal Prosecutors An Alternative Means Of Punishing Specified Unlawful Activity?, Jimmy Gurule

Jimmy Gurule

No abstract provided.


Knowledge Inferences In Money Laundering And Structuring Prosecutions, Parry Alicia Stender Black Jan 2013

Knowledge Inferences In Money Laundering And Structuring Prosecutions, Parry Alicia Stender Black

Parry Alicia Stender Black

No abstract provided.


Enforcement Of Foreign Restraining Orders, Stefan D. Cassella Dec 2012

Enforcement Of Foreign Restraining Orders, Stefan D. Cassella

Stefan D Cassella

Legislation in the United States now permits the federal courts to register and enforce orders issued by foreign courts for the purpose of preserving assets that are subject to forfeiture under foreign law.

This article discusses the problems the United States encountered when it first attempted to enact and apply legisation designed to facilitate the enforcement of foreign asset-preservation orders, the remedial legislation enacted to address those problems, and the recent success the U.S. government has had under the new legislation in restraining assets at the request of foreign courts so that they may be forfeited under foreign law.


Transnational Legal Practice (International)[2010-2012], Laurel S. Terry Dec 2012

Transnational Legal Practice (International)[2010-2012], Laurel S. Terry

Laurel S. Terry

This article covers three years of Transnational Legal Practice developments outside of the US. (It is the companion piece to 47 Int'l Law. 499 (2013) which discusses US developments.) This article discusses the approval of an Alternative Business Structure licensing system by the UK Solicitors Regulation Authority and its subsequent issuance of ABS licenses. The second section reviews the emergence of the “Troika” as a new regulatory influence in Europe, citing as an example the joint ABA-CCBE letter to the IMF. (The Troika refers to the International Monetary Fund, the European Central Bank, and the European Commission.) The third section …


Confiscación Sobre El Producto Indirecto Del Delito En El Sistema De Prevención Del Lavado De Activos / Confiscation Of Indirect Proceeds Of Crime In The Anti-Money Laundering Legal Framework, Tadeo Leandro Fernandez Dec 2012

Confiscación Sobre El Producto Indirecto Del Delito En El Sistema De Prevención Del Lavado De Activos / Confiscation Of Indirect Proceeds Of Crime In The Anti-Money Laundering Legal Framework, Tadeo Leandro Fernandez

Tadeo Leandro Fernandez

The aim of this paper is to describe the international recommendations on prevention of money laundering about confiscation of the proceeds of crime, in particular the indirect proceeds. In that sense, for this purpose we propose to use the term confiscation as a generic of forfeiture, restitution, damage repair, and reset to the previous state, i.e. we include forfeiture rules (Section 23 and 305) and damage repair (Title IV of Book I) of the Criminal Code and we also note national case law that share this idea. Last, we conclude that current Argentine system allows confiscating the direct and indirect …


"Cost Savings" As Proceeds Of Crime: A Comparative Study Of The United States And The United Kingdom, Richard C. Alexander Jun 2011

"Cost Savings" As Proceeds Of Crime: A Comparative Study Of The United States And The United Kingdom, Richard C. Alexander

Richard C Alexander

The article begins by comparing and contrasting the provisions relating both to asset forfeiture and money laundering under U.S. Federal law and the law of the United Kingdom (in this area, the differences between the provisions of the three jurisdictions making up the United Kingdom are not significant). Some reference is also made to Florida state law, but principally by way of example rather than analysis. It then analyzes the U.S. case law relating to costs saved through the commission of a criminal offense and considers the possible effect of the amendment, made in 2009, to 18 U.S.C. §1956, before …


Laurel Terry's Summary & Supplement To The U.S. Lawyer Aml Voluntary Good Practices Guidance [A "Red Flags" Two-Pager], Laurel S. Terry Dec 2010

Laurel Terry's Summary & Supplement To The U.S. Lawyer Aml Voluntary Good Practices Guidance [A "Red Flags" Two-Pager], Laurel S. Terry

Laurel S. Terry

This "two pager" summarizes information found the Voluntary Good Practices Guidance, which was developed by representatives from the American Bar Association (ABA), the American College of Trusts and Estates Counsel (ACTEC), and other organizations. See https://perma.cc/3QRH-5U7Q. In August 2010, the ABA adopted the Voluntary Good Practices Guidance. See Among other things, Resolution 116 calls on "state, local, and specialty bar associations to embrace the Good Practices Guidance and to educate legal professionals and law students regarding the risks addressed by the Guidance." See https://perma.cc/S5KU-U7MB.

This "two-pager" was prepared in that spirit of education. It lists in two pages the money …


Losing The War Against Dirty Money: Rethinking Global Standards On Preventing Money Laundering And Terrorism Financing, Richard K. Gordon Aug 2010

Losing The War Against Dirty Money: Rethinking Global Standards On Preventing Money Laundering And Terrorism Financing, Richard K. Gordon

Richard K Gordon

Global standards for preventing money laundering and terrorism financing are among the most widely observed standards in the world today. Unfortunately there is substantial evidence that they do not work. A main reason is that the division of responsibility for gathering and evaluating information about criminal finances is misaligned. Private sector parties are asked to do more than they reasonably can do given their expertise, access to key data, and incentives. At the same time, public law enforcement agencies are being asked to do too little. This Article argues that the way governments have divided tasks between the private and …


Rethinking Preventive Measures For Money Laundering And Terrorism Financing, Richard K. Gordon Mar 2010

Rethinking Preventive Measures For Money Laundering And Terrorism Financing, Richard K. Gordon

Richard K Gordon

Preventive measures for money laundering and terrorism financing are among the most widely accepted and observed global standards. However, there is substantial evidence that they do not work well. A main reason is that private sector parties, mostly financial institutions but including few others, are tasked with duties for which they are ill suited, while too little is required of the public sector . While they are required to monitor client transactions and reporting those that raise suspicion of money laundering or terrorism financing, they do not have sufficient expertise or data access to do so. Also, as suggested by …


The Financial Action Task Force Guidance For Legal Professionals: Missed Opportunities To Level The Playing Field, Louise Hill Dec 2009

The Financial Action Task Force Guidance For Legal Professionals: Missed Opportunities To Level The Playing Field, Louise Hill

Louise L Hill

No abstract provided.


United States V. Santos: The U.S. Supreme Court Rewrites The Money Laundering Statute, Stefan D. Cassella Jul 2009

United States V. Santos: The U.S. Supreme Court Rewrites The Money Laundering Statute, Stefan D. Cassella

Stefan D Cassella

The United States Supreme Court has upset decades of money laundering case law, by construing the term “proceeds” to mean “net profits” instead of “gross receipts” in at least some money laundering cases. In the resulting confusion, lower courts have struggled to determine when the Court’s ruling applies, and how the Government may satisfy the “profits” requirement when it must do so. This article discusses the Court’s decision in United States v. Santos and the problems that it has created, and attempts to make sense of the post-Santos case law.


Santos And Cuellar: The U.S. Supreme Court Limits The Government's Ability To Prosecute Transnational Crime Under The Money Laundering Statutes, Stefan D. Cassella Aug 2008

Santos And Cuellar: The U.S. Supreme Court Limits The Government's Ability To Prosecute Transnational Crime Under The Money Laundering Statutes, Stefan D. Cassella

Stefan D Cassella

These are the lecture notes from a presentation on the impact of the Supreme Court's decisions on June 2, 2008 in the Santos and Cuellar cases, which arguably have limited the government's ability to use the anti-money laundering statutes to prosecute both domestic and international money laundering offenses. A more formal paper on this topic will be forthcoming.


Cyber Embargo: Countering The Internet Jihad, Gregory S. Mcneal Apr 2008

Cyber Embargo: Countering The Internet Jihad, Gregory S. Mcneal

Greg McNeal

Terrorists are engaged in an online jihad, characterized by the use of the internet to fundraise, distribute messages and directives, recruit and proselytize. It is impossible to shut down the entire presence of terrorists on the internet; however, this article details a proposal which can have a marked impact on the presence of terrorists on the internet. Using existing statutes, it is possible to regionalize terrorist websites, limiting them to an extremely small number of countries from which they may receive internet services. Once the terrorist message is limited to a particular region, a modification of current laws can allow …


Terrorism And The Financial Sector: Are The Right Prosecutorial Tools Being Used?, Stefan D. Cassella Dec 2003

Terrorism And The Financial Sector: Are The Right Prosecutorial Tools Being Used?, Stefan D. Cassella

Stefan D Cassella

The article suggests that the statutes enacted to deal specifically with terrorist financing are not always the most appropriate vehicles either for bringing criminal charges or recovering assets under the forfeiture laws, but that most traditional and generic statutes, such as those dealing with money laundering, bulk cash smuggling and currency reporting violations might be more effective in most cases.


The Forfeiture Of Property Involved In Money Laundering Offenses, Stefan D. Cassella Dec 2003

The Forfeiture Of Property Involved In Money Laundering Offenses, Stefan D. Cassella

Stefan D Cassella

The article discusses in detail the legal theories that the government uses to forfeit property involved in money laundering offenses under both the civil and criminal forfeiture laws. The money laundering offenses include violations of 18 U.S.C. 1956 and 1957, as well as the anti-structuring and bulk cash smuggling statutes in Title 31.


Provisions Of The Usa Patriot Act Relating To Asset Forfeiture In Transnational Cases, Stefan D. Cassella Mar 2003

Provisions Of The Usa Patriot Act Relating To Asset Forfeiture In Transnational Cases, Stefan D. Cassella

Stefan D Cassella

The article outlines the provisions of the USA Patriot Act that enhance the power of the US Government to use the asset forfeiture laws to recover property involved in transnational crime, including the power to seize assets from the correspondent account of a foreign bank.


The Recovery Of Criminal Proceeds Generated In One Nation And Found In Another, Stefan D. Cassella Jan 2002

The Recovery Of Criminal Proceeds Generated In One Nation And Found In Another, Stefan D. Cassella

Stefan D Cassella

This article discusses the difficulties governments face in dealing with criminals who move the proceeds of crime across political boundaries. It discusses several common international money laundering processes, such as the black market peso exchange, and then outlines in some detail the issues that arise when one country attempts to gain the assistance of another in recovering the criminal proceeds under the asset forfeiture laws.


Money Laundering Has Gone Global, Stefan D. Cassella Dec 2001

Money Laundering Has Gone Global, Stefan D. Cassella

Stefan D Cassella

The article, written in layman's terms, lists the enhancements that Congress needs to make to the money laundering laws to keep pace with the globalization of crime.