By Sam Reisman (February 16, 2022, 9:20 PM EST) — The International Cannabis Bar Association has warned the American Bar Association against adopting a proposed change to the organization’s ethical guidelines regarding lawyers’ responsibilities to combat money laundering, saying it could ensnare attorneys who advise marijuana ventures.
The proposed changes would broadly extend lawyers’ due diligence obligations to be more proactive in verifying the legality of clients’ activities and could require them to withdraw representation if they become aware of unlawful money laundering.
But if adopted, the language could have a broad impact on cannabis attorneys, according to a Tuesday comment letter drafted by Christopher Davis, INCBA’s executive director; INCBA Chairperson Jessica…
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