Lawyers, clients’ funds and terrorism Part 1: In England solicitors are required to file suspicious activities reports on clients – and in the US? See Part 2 to be posted

In the U.K., part of the response to the FATF 40+9 Recommendations was the Proceeds of Crime Act 2002, which among other things, requires solicitors to file Suspicious Activity Reports (“SARs”) on their clients, with the additional requirement that solicitors may not tip off clients that a SAR had been filed (the so-called “No Tipping Off’ rule, or “NTO”). In the first nine months of 2007, solicitors in the U.K. filed 11,300 SARs on their clients. I6 Thus, in a very real way, solicitors in the U.K. have become part of the law enforcement system in that country, which would seem to create an uncomfortable duality with their traditional role in the judicial process.

[See page 5,  THE AMERICAN COLLEGE OF TRUST AND ESTATE COUNSEL 2010 ANNUAL MEETING, BONITA SPRINGS, FLORIDA MARCH 9-14, 2010, FATF AND THE GOOD PRACTICES GUIDANCE MARCH 11, 2010 DUNCAN E. OSBORNE, HENRY CHRISTENSEN III Co Authors: Duncan E. Osborne, Osborne, Heiman, Knebel & Deleery, LLP, Austin, Texas, Henry Christenson, McDermott Will & Emery, New York, New York]  Click here.