The FACT Coalition applauds today’s announcement by Jake Sullivan, National Security Advisor to the President, of the Biden Administration’s “full support” for the ENABLERS Act. The ENABLERS Act would close dangerous loopholes in the U.S. anti-money laundering framework.
Australia is poised to deliver a global breakthrough in tax transparency with a new budget for FY2023 including strong public country-by-country reporting (PCbCR) requirements for certain large multinational enterprises (MNEs).
“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 Sentry’s report points to major ways the international community must act to deny kleptocrats the “brain trust” on which they rely to perpetrate their crimes. It’s up to the U.S. to be a leader, not a laggard, in implementing a robust anti-money laundering regime.
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.
