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.
On June 28th and 29th, the FACT Coalition convened anti-money laundering, illicit finance, environment, and climate policy makers, thought leaders, and activists to discuss ways to counter this growing threat posed by illicit finance and environmental crimes. The convening brought together more than 60 advocates and experts from government, international secretariats, and more than 30 civil society organizations to share lessons learned on the intersection of illicit finance and environmental crimes.
