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ABA task force provides guidance on mandatory gatekeeper provisions

The ABA has created a Task Force on Gatekeeper Regulation and the Profession. The Gatekeeper Initiative is an effort by governmental authorities to impose stringent anti-money laundering (“AML”) and counter-terrorist financing obligations on “gatekeepers” to the domestic and international monetary systems, such as lawyers, civil law notaries, trust and company service providers, real estate agents, accountants and auditors. 

In connection with the Gatekeeper Initiative, the ABA House of Delegates adopted a resolution at the 2010 annual meeting embracing as official ABA policy “voluntary good practices guidance” designed to assist the legal profession in detecting money laundering and terrorist financing activities in the delivery of legal services. 

The US Treasury has strongly encouraged the Task Force to continue its educational efforts. Without this information being widely distributed, there is the very real possibility that Congress will enact legislation imposing mandatory AML obligations on the legal profession which may affect confidential attorney-client relationships and other issues. This voluntary effort is designed to ward off that legislation.

Publication of this material here does not constitute the position of or an endorsement by the Alabama State Bar.

The links below provide additional guidance and information about good practices:

Voluntary Good Practices Guidance for Lawyers to Detect and Combat Money Laundering and Terrorist Financing [PDF]

FAQs on the Gatekeeper Initiative and Voluntary Good Practices Guidance [PDF]

Gatekeeper Initiative, Resources, Policies, Reference Materials