In July, the U.S. Department of Justice shone an unwelcome spotlight on five law firms that were connected to transactions involving hundreds of millions of dollars of allegedly laundered foreign money, some of it tied to the funding of the film “The Wolf of Wall Street.” Some firms served as conduits for the money; others were more peripherally involved.
Thanks in part to lobbying by the American Bar Association, U.S. law firms—unlike those in the U.K. and the European Union—do not have to report suspicious money transfers. Would different reporting requirements have allowed the DOJ to step in earlier, and possibly saved the firms some public scrutiny?
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
