An inch of progress: new ethics opinion gets real about assistance to fraud and crime

Jacob Wade Petterchak

Journal of Financial Crime, 2021, vol. 29, issue 2, 721-728

Abstract: Purpose - The purpose of this paper is to analyze the current law on the professional responsibility of American attorneys to combat financial crimes and developments in light of recent scandals and new ethics opinion from the American Bar Association. Further commentary is offered on the ethics of advancing the mission to not assist clients in financial wrongdoing. Design/methodology/approach - This paper offers a legal analysis of recent developments pertaining to the ethical regulation of attorney conduct regarding client involvement in financial crimes. Examination of these developments in light of contemporary best practices in the banking and financial services industry assists in determining how to improve the current regulatory approach. There is an extensive review of case law and both academic and professional literature. Findings - The findings of this paper indicate that a proactive culture exists that acknowledges the deficiencies that still exist in the regulation of attorney ethics to combat financial crimes by clients. Still, significant gaps remain that need to be addressed. Further issues remain unresolved in the context of key legal doctrines that set out clear, concise standards for knowledge and assistance. Originality/value - The value of this paper comes from the careful analysis of present best practices in banking and financial services regulation and how they could be better applied in the context of the attorney–client relationship.

Keywords: Fraud; Money laundering; Knowing assistance; Attorney ethics (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-04-2021-0091

DOI: 10.1108/JFC-04-2021-0091

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