Recommendations include explicit inclusion of foreign environmental crimes as a predicate offense for money laundering and consideration of the role of U.S. financiers in future proposed regulation.
FACT’s comments advise that financial regulators will need to take strong action to apply comprehensive AML, CFT, and reporting protocols to the digital asset ecosystem.
Key recommendations include requiring investment advisers to conduct basic customer due diligence, report beneficial ownership information, and countries of origin for investors in private funds.
The FACT Coalition offers advice to the Financial Action Task Force as a part of their public consultation on Recommendation 25.
FACT’s statement to House Financial Services outlines priorities for implementing beneficial ownership reform and strengthening anti-money laundering rules
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.