The FACT Coalition commends the IRS for its ongoing efforts to collect country-by-country reporting data on Form 8975, as well as its aggregation and publication of related information.
In advance of the Second U.S.-Africa Leaders’ Summit, leaders in the U.S. and Africa must seize the moment to advance a new partnership to curb Illicit Financial Flows, corruption, and tax dodging.
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.
