Media Coverage
Source: Daily Journal
Media Coverage
05.08.12
Deborah Thoren-Peden, a partner with Pillsbury’s corporate and securities group in Los Angeles, comments on a proposed federal rule aimed at reducing money laundering and terrorist financing that could put the confidentiality of law firm clients at risk, according to the American Bar Association and some lawyers.
Put forward by the Financial Crimes Enforcement Network, or FinCEN, the proposal is still very much in the preliminary stages, but there are implications for both lawyers and clients in the financial industry, according to Thoren-Peden.
“One of the groups that should be saying this does not apply to us is attorneys,” Thoren-Peden, who has discussed the potential rule with some of her clients. “As drafted, [the rule notice] would seemingly impose obligations that would conflict with attorney-client privilege.”