Anti-Money Laundering

Mongabay covered a new FACT report that examines the destructive effects of illegal gold mining, with a focus on steps the U.S. can take to cut off the financial drivers of this crime.

“A militaristic, hardline U.S. response to illegal gold mining in the region would be both unwise and ineffective… What we are urging the U.S. to do is to employ new tools from the anti-money laundering and counter-terrorism financing toolbox.”

FACT deputy director Erica Hanichak was quoted by Thomson Reuters in their coverage of FinCEN’s announcement that it plans to delete beneficial ownership information collected under the Corporate Transparency Act.

“Pilot agencies collectively provided 100 staff members access to FinCEN’s IT system for BOI, conducting nearly 1,700 searches as of October 29, 2024.” Erica Hanichak noted this shows a clear demand amongst law enforcement for the information.

Read FACT program director for environmental crimes Julia Yansura’s op-ed for Common Dreams on the need for US action to address the financial flows from environmental crime.

FACT program director for environmental crimes, Julia Yansura, was quoted by the Miami Herald in their coverage of an illegal gold smuggling operation.

“Illegal gold mining is a regional crisis that undermines the rule of law, damages the environment, and fuels organized crime. With significant gaps in our anti-money laundering regulations and trade policies, the U.S. has become a hub for the proceeds of this crime, empowering criminal networks and authoritarian regimes in the process.”