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Anti-Money Laundering

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.

New York Times Letter: Real Estate Transparency

In a New York Times letter, FACT’s Clark Gascoigne writes that Treasury’s plan falls short of what’s needed to combat the financial system’s role as a money-laundering haven.
To the Editor:

Re “Property Sales Get U.S. Scrutiny” (front page, Jan. 14):

The Treasury Department’s plan to scrutinize the secret companies buying real estate in New York and Miami is a welcome first step toward cleaning up parts of the real estate market, but it falls far short of what’s truly needed to combat the United States financial system’s role as a major money-laundering haven.

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FACT Welcomes Bill to Curb Money Laundering and Terror Financing

“Holding Individuals Accountable and Deterring Money Laundering Act” Will Help Return Rule of Law to U.S. Financial System; Bring America in Line with International Standards
WASHINGTON, DC – The FACT (Financial Accountability and Corporate Transparency) Coalition welcomed the introduction of legislation to improve anti-money laundering and counter-terror finance safeguards while heightening the accountability of financial institutions.  Sponsored by Representative Maxine Waters (D-CA), the Holding Individuals Accountable and Deterring Money Laundering Act [H.R. 4242] targets the individuals (or enablers) at financial institutions responsible for accepting suspect funds, while aligning the United States with a number of international anti-money laundering (AML) standards.

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Clark Gascoigne on HuffPost Live

FACT’s Clark Gascoigne on HuffPost Live: U.S. a Major Money Laundering Capital

FACT’s Clark Gascoigne Discusses the U.S. Ranking as the 3rd Biggest Secrecy Jurisdiction in the Latest Financial Secrecy Index
Clark Gascoigne, the Deputy Director of the FACT Coalition, appeared on Mind Your Business with Alyona Minkovski, a weekly business program on HuffPost Live, on Friday, November 13, 2015.  He discussed how the United States facilitates all sorts of financial crime with widespread financial opacity.

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FIFA Bribery Scandal Raises Questions about Anti-Money Laundering Checks in U.S. Banks

The recent bribery scandal involving soccer’s international governing body, FIFA, has revealed involvement of U.S. banks in moving alleged bribes through the financial system, raising questions about whether the banks were properly implementing and applying anti-money laundering rules, including customer due diligence on shell companies, and verifying the source of funds coming into the accounts. The corruption allegations, which have resulted in the resignation of FIFA President Sepp Blatter, demonstrate the need for stronger regulations and enforcement, the FACT (Financial Accountability and Corporate Transparency) Coalition said today.

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FACT Calls for Strengthening of Treasury’s Anti-Money Laundering Proposal to Curb Abuse of Anonymous Companies

The FACT (Financial Accountability and Corporate Transparency) Coalition submitted comments to the U.S. Treasury Department on Friday welcoming the government’s proposed rule to require U.S. banks to know the true owner of all accounts opened in their institutions as a step toward pushing dirty money out of the American financial system, while cautioning that several elements of the proposal need to be strengthened.

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