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.
Africa loses significantly more cash to capital flight than it obtains from development aid, external borrowing, or foreign direct investment. In a real sense, Africa is a “net creditor” to the rest of the world.
The FACT Coalition applauds the inclusion of $52 million in emergency funds for the U.S. Treasury Department as part of the appropriations package passed today by the U.S. Senate. Today’s vote sends the larger $40 billion Ukraine aid package to the President’s desk to sign into law, and will assist Ukraine in the face of Russia’s illegal invasion.
FACT’s Policy Director Ryan Gurule is quoted in Bloomberg: “New York is one of the most desirable commercial and real estate markets in the world, and kleptocrats, sanction evaders and otherwise bad actors want to access those markets anonymously,”
Today, Sens. Whitehouse (D-RI) and Grassley (R-IA), published a letter signed by 23 bipartisan Senators addressed to congressional appropriators to urge increased funding for the Financial Crimes Enforcement Network (FinCEN).
Rep. Carolyn Maloney joined FACT and the Tax Justice Network in discussing the launch of the 2022 Financial Secrecy Index and what it means for the U.S. transparency agenda
Today, the United States was ranked the most secretive financial jurisdiction in the world, according to the 2022 Financial Secrecy Index (FSI).
