FACT welcomes Treasury’s release of draft regulations introducing common-sense anti-money laundering safeguards for the U.S. private investment industry. The draft rule builds upon a slew of recent moves by Treasury to protect U.S. markets from dirty money.
FACT welcomes the release by Treasury of much-needed draft reforms closing loopholes that have, for decades, allowed international and domestic bad actors to launder money through U.S. real estate markets.
FACT government affairs director Erica Hanichak was quoted in coverage by ICIJ’s Spencer Woodman of the rollout of Treasury’s groundbreaking beneficial ownership registry, in which she dispelled myths surrounding the measure’s requirements and possible penalties for small businesses.
FACT welcomes the release by Treasury of the final rule necessary to begin reporting under the landmark Corporate Transparency Act. The upcoming launch of Treasury’s beneficial ownership database on January 1, 2024 represents the largest U.S. anti-money laundering victory in decades.
Read FACT’s statement for the record outlining the urgent need for additional funding and support for the Financial Crimes Enforcement Network, the Bureau of Treasury tasked with implementing the landmark Corporate Transparency Act.
The appointment of U.S. sanctions expert Andrea Gacki to lead the Financial Crimes Enforcement Network will help empower the Bureau to better safeguard the U.S. financial system from ever-evolving threats.
