On 24 May, the International Bar Association (IBA) and the Secretariat of the Organisation for Economic Co-operation and Development (OECD) issued eight high-level principles for the legal profession to follow as the two organisations work together to combat global corruption and foster integrity, taking into consideration the ongoing scandals related to the so-called Panama/Mossack Fonseca/Paradise Papers.
These principles are:
- Non-facilitation of illegal conduct
- Misuse of the duty of confidence and privilege
- Client due diligence
- Action where client conduct is, may be or becomes illegal
- Multijurisdictional risk
- Use of illegally obtained information
- Disclosure of beneficial ownership
- Advertising by lawyers on international commercial structures
The executive summary can be found here.
More information on the Task Force Report can be found here.