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.
Anonymous companies are ubiquitous in most money-laundering schemes, and in the allegations against Trump campaign associates Paul Manafort and Richard Gates. Shell companies are formed with no record of the true owners, and because they are so easy to set up — especially if you’re a lawyer — you can easily layer dozens of them to confuse investigators and hide dirty money.
House Financial Services Committee Votes Unanimously in Favor of the End Banking for Human Traffickers Act of 2017 (H.R.2219)
WASHINGTON, D.C. – The U.S. House Financial Services Committee on Wednesday voted unanimously to advance legislation targeting the financing of human trafficking, in a move welcomed by the Financial Accountability and Corporate Transparency (FACT) Coalition.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to House Financial Services Committee Chairman Jeb Hensarling and Ranking Member Maxine Waters in support of the bipartisan End Banking for Human Traffickers Act of 2017 (H.R.2219), which would increase the role of financial policymakers and the financial industry in combating human trafficking.
The FACT Coalition sent a letter to the leaders of the U.S. House Financial Services Committee’s Subcommittees on Terrorism and Illicit Finance and Financial Institutions and Consumer Credit to be submitted to the official record of the November 29, 2017 joint hearing entitled “Legislative Proposals to Counter Terrorism and Illicit Finance.”
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Senate Judiciary Committee Chairman Chuck Grassley and Ranking Member Dianne Feinstein in support of the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 (S.1241). The full letter can be read below or downloaded here.
Former Treasury Agent Urges Authorities to Target the Drivers of Human Trafficking, Drug Smuggling, and Corruption
Ending Anonymous Companies; Trade Transparency Units; Holding Gatekeepers Accountable Among Policy Recommendations
WASHINGTON, D.C. – Worldwide anti-money laundering efforts are currently just a decimal point away from total failure, according to a new report published Tuesday by the FACT Coalition.
