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.
The Biden Administration’s budget for fiscal year 2024 includes a much-needed 20 percent increase in funding for the Financial Crimes Enforcement Network. The big question now is whether Congress will deliver.
There’s no better way to show U.S. support for Ukraine than by doing the hard, long-term work here at home to make sure the strength of the U.S. economy doesn’t benefit Putin and his cronies abroad.
Vulnerabilities in commercial real estate markets recently identified by FinCEN only further reinforce the need for comprehensive regulatory action to address money laundering through U.S. real estate.
In an encouraging signal of anti-corruption progress to come in 2023, the Treasury Department announced its intention to release a draft rule targeting money laundering through US real estate markets this April.
Less than a week after the conclusion of the IACC, the Biden Administration took another big step toward meeting its anti-money laundering and anti-corruption commitments with the release of the second draft rule to implement the Corporate Transparency Act early today.
The Pittsburgh Post-Gazette quotes Erica Hanichak from FACT regarding Congress’ failure to advance the critical ENABLERS Act
