Senate Panel’s Money-Laundering Report Seeks More Lawyer Regulation

A report released today by a Senate panel blames unregulated American lawyers, among others, for the nation's money-laundering problems, and calls for an attorney exemption from money-laundering restrictions under the Patriot Act to be repealed.

Information from the 325-page report by the Permanent Subcommittee on Investigations will also be discussed during a hearing tomorrow, reports the New York Times.

The report names names, contending that a well-known BigLaw firm helped an African politician purchase a $38.5 million Gulfstream G-5 Jet, and identifying two United States lawyers who, it says, helped the same individual circumvent bank controls by setting up shell corporations, the Times recounts.