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 submitted comments this week praising a pair of proposed rules by Treasury which would close long standing loopholes used by foreign and domestic criminals to launder money through U.S. residential real estate and private investment markets.
FACT’s Julia Yansura is quoted in leading Peruvian investigative journalism outfit Ojo Público’s new investigation into mining and money laundering enclaves in the Amazon. The seven-month long investigation documents the export of at least 3,089 tons of high-purity gold of unknown origin from five Andean-Amazon countries between 2014 and 2023.
Congress must move quickly to increase support for the Financial Crimes Enforcement Network, the bureau of Treasury responsible for implementing some of the most significant updates to U.S. anti-money laundering laws in decades.
Read FACT’s official statement for the record highlighting the critical work of Treasury’s Financial Crimes Enforcement Network, including its ongoing efforts to implement the Corporate Transparency Act and finalize strong rules curbing money laundering through U.S. real estate and private investment markets.
FACT welcomes Treasury’s release of draft regulations introducing common-sense anti-money laundering safeguards for the U.S. private investment industry. The draft rule builds upon a slew of recent moves by Treasury to protect U.S. markets from dirty money.
Treasury advances long-awaited anti-money laundering rules for U.S. real estate, and the European Union dramatically expands access to beneficial ownership registries, among other AML reforms.
