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.
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.
Secretary Yellen outlines upcoming AML initiatives, U.S. commits to verification of data collected under the Corporate Transparency Act, and FinCEN gets ready to revise and reissue a controversial beneficial ownership information intake form.
Global civil society organizations collectively representing more than 100 groups sent a letter to U.S. Treasury Secretary Janet Yellen today calling on the U.S. to advance specific, meaningful financial transparency reforms to ensure the U.S. does its part to defend worldwide freedoms in the wake of the second Summit for Democracy.
