In light of new sanctions against Russia, the FACT Coalition urged Congress to approve $118.2 million in emergency and discretionary funding this week for the U.S. Treasury Department’s Financial Crimes Enforcement Network and Office of Terrorism and Financial Intelligence.
On December 6, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) published an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment for Anti-Money Laundering regulations in real estate transactions.
WASHINGTON, DC – In a comment letter submitted yesterday, the FACT Coalition welcomed action by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to bring the U.S. real estate sector under the purview of federal anti-money laundering safeguards. The FACT Coalition offered guidance on how FinCEN should craft a rulemaking that would introduce permanent, nationwide standards to address illicit financial risks in the sector.
Earlier this month, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) closed the first round of public comment ahead of the rulemaking on the historic, bipartisan Corporate Transparency Act (CTA), passed this year by Congress to end the abuse of anonymous U.S. shell companies.
The Fraternal Order of Police (FOP) calls on House Armed Services Committee Leadership to include the Corporate Transparency and Counter Act (H.Amdt.499) in the NDAA, calling it a “simple, yet actionable” solution to fighting financial crime.
Anonymous companies are behind just about every financial crime. They are the vehicle of choice for laundering money obtained through illicit activity. Schemes involving terror financing and the trafficking of drugs, illegal weapons, and humans all use anonymous companies to move money, fund operations, and allow bad actors to escape with the proceeds of their crimes as well as impunity.
The pervasive use of secret shell and front companies also impacts the broader economy. As such, more and more businesses are speaking out.
