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.

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

October 6, 2014

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.

FACT Comment on Notice of Proposed Rule Making Regarding Customer Due Diligence Procedures for Financial Institutions

October 3, 2014

The FACT Coalition submitted the attached comment to the U.S. Treasury Department’s Financial Crimes Enforcement Network in October 2014 regarding FinCEN’s notice of proposed rule making for customer due diligence procedures for financial institutions.