Matthew O’Hara Authors Article on Lawyers Facing Possible Regulatory Scrutiny After the Panama Papers Exposé
Matthew J. O'Hara, a Chicago-based partner in the Lawyers for the Profession® group at Hinshaw & Culbertson LLP, authored the article "Will Lawyers Face Regulatory Scrutiny after the Panama Papers? (Perspective)" published by Bloomberg Law on June 21, 2016.
The article discusses the possibility of U.S. lawyers facing increased regulatory scrutiny in response to the Panama Papers revelations. Mr. O'Hara discusses how under confidentiality rules, U.S. lawyers are bound to protect client confidences and therefore not usually obligated to report their clients to authorities if the client engages in activity that is potentially criminal or fraudulent. He then takes a look at the regulatory regime in the U.K and Europe, where lawyers must report to authorities any suspicious activities by clients and prospective clients. In the conclusion of the article, Mr. O'Hara analyzes the prospects for changes to how U.S. lawyers may be required to deal with potentially suspicious activities that may signal unlawful tax avoidance or criminal activities by stating, "If lawyers are going to be enlisted to help stop tax avoidance and money laundering, it is Congress who will have to act."
Read the full article "Will Lawyers Face Regulatory Scrutiny after the Panama Papers? (Perspective)" on the Bloomberg Law website. Please note a subscription may be required.
Matthew O'Hara is a business trial lawyer. He concentrates his practice in the litigation and trial of complex commercial matters in federal and state courts. He has tried cases involving antitrust, the federal securities laws, breach of fiduciary duty, trade secrets, trademark infringement, breach of contract, license agreements, executive employment, warranties under the Uniform Commercial Code and criminal defense. As part of his practice, he represents law firms and lawyers in legal malpractice cases and other litigation.