Money laundering fuels everything from terror finance and sanctions evasion to human trafficking and corruption. However, experts warn that our anti-money laundering efforts are on the brink of failure, as law enforcement only interdicts less than one-half of one percent of the trillions of dollars laundered each year. We need a new approach to addressing money laundering and the dangerous threats to our safety and security from the crimes funded through illicit finance.
Treasury delays the implementation of a rule that would fight money laundering in the private investment sector, Senators introduce a bill to apply AML safeguards to the art market, and House appropriators propose further cuts to the IRS.
Treasury’s plan to postpone and reopen a rule finalized last year that introduced groundbreaking anti-money laundering safeguards for the $130 trillion U.S. private investment sector will only heighten existing corruption, national security, and illicit finance risks.
Read FACT’s comments to Treasury on the final reporting form that will be used by covered entities and individuals under groundbreaking new anti-money laundering regulations for all-cash real estate purchases.
A new tax on money sent from the U.S. to other countries by non-citizens will only serve to drive immigrants toward less secure, informal money transfer services, write FACT’s Julia Yansura and Zorka Milin.
FACT submits a comment to FinCEN calling for the withdrawal of the interim final rule that exempts U.S. entites from reporting beneficial ownership information.
Information on FACT’s in-person panel discussion highlighting the role of illegal gold in financing authoritarian regimes and organized crime.
