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.
Effective domestic anti-money laundering policy is essential for the U.S. to become a true partner to Africa in rooting out malicious foreign actors like the Wagner Group.
A proposed $24 million cut to the Financial Crimes Enforcement Network threatens to undermine vital anti-money laundering reforms, including the implementation of the Corporate Transparency Act.
In order to effectively address the international debt crisis, climate change, and other key challenges, Global North leaders must acknowledge their own complicity in enabling the illicit flow of needed funds out of developing economies.
The Administration’s updated regulatory agenda indicates that the second final rule to implement the Corporate Transparency Act will be released in September, while much-needed new draft regulations on real estate transactions will be made available for comment in August.
Top Treasury officials outline recent and upcoming anti-money laundering initiatives before Congress, and FACT submits comments advising swift passage and implementation of new Australian tax transparency draft legislation.
In remarks before the House Financial Services Committee, FinCEN Acting Director Him Das outlined a number of the Bureau’s top priorities, including effectively implementing the CTA by ensuring “efficient access” to beneficial ownership information collected under the law for authorized users, and effectively verifying that information.
