WSJ: Sanctioned LPs Complicate Private-Equity Fund Dynamics
FACT’s Ryan Gurule is quoted in the Wall Street Journal: “Private funds are “a black hole” because of their lack of requirements for vetting and reporting investors,”
Biden’s Budget Proposes Spending Boost To Counter Financial Crime and Corruption
In response to President Biden’s 2023 proposed budget, the FACT Coalition welcomed substantial increases in funding for the Financial Crimes Enforcement Network (FinCEN) and Office of Terrorism and Financial Intelligence (TFI).
The U.K. is Taking a Major Step to Curb Money Laundering Through Real Estate. To be Effective Against Russia, the U.S. Must Do the Same.
Last week, the UK Parliament passed long-promised reform to provide a window into the opaque British real estate market. This reform – desperately needed following countless exposés about financial abuses in the UK real estate sector, including recent revelations in light of Russia’s invasion of Ukraine – will have critical implications for deterring and investigating economic crime and sanctions evasion. As the U.S. works with other countries to pursue multilateral sanctions against Russia, it must follow the UK and expeditiously advance its own rules to improve transparency in the U.S. real estate sector.
SEC Should Lead Reforms to Private Investment Fund Reporting in Wake of US Sanctions on Russian Oligarchs
The Financial Accountability and Corporate Transparency (FACT) Coalition is calling on the Securities and Exchange Commission (SEC) to address the undisclosed presence of possible illicit financial flows in private investment markets. Without further action from the SEC, these flows may enrich and embolden potential adversaries, such as Putin’s regime, and eventually destabilize U.S. and global financial markets. Meanwhile, the failure to identify these flows undermines current sanctions against Russian oligarchs, and may jeopardize future tools that the U.S. might wield against aggressive governments.
FACT Submits Comment to the SEC to Amend Form PF and Secure the U.S. Financial System
Requiring private fund advisers to conduct and report basic customer due diligence is key for defending U.S. financial markets from bad and corrupt actors.
Zelenskyy Address to Congress Highlights US Shortcomings in Fight Against Illicit Finance
The tools that Congress and the White House commit to Ukraine’s fight for independence and democracy must not be undermined by failings in our own institutions.