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.
“ENABLERS would help ensure that corrupt cash doesn’t make it into our country and our markets in the first place. If the ENABLERS Act passes, Congress will have led a sea-change in American anti-corruption law.”
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 latest report, “A Material Concern: The Investor Case for Public Country-by-Country Tax Reporting,” explores how public country-by-country reporting (PCbCR) efforts have matured and, in doing so, shown their increasingly apparent usefulness to investors.
