In January, FACT, TI-US, and GFI held a press briefing detailing the Coalition’s main policy areas to watch in 2024, including imminent actions by Treasury addressing money laundering risks through U.S. real estate and private investment markets, as well as new work at the intersection of environmental and financial crime.
Treasury begins accepting ownership information reports under the Corporate Transparency Act, the Foreign Extortion Prevention Act is signed into law, and the Biden Administration provides an update on long-awaited AML reforms for real estate and private investment markets.
FACT welcomes the release by Treasury of the final rule necessary to begin reporting under the landmark Corporate Transparency Act. The upcoming launch of Treasury’s beneficial ownership database on January 1, 2024 represents the largest U.S. anti-money laundering victory in decades.
It is imperative both for the U.S. to get its own affairs in order, as well as for the world to prioritize environmental crimes within the framework of the UNCAC. By leveraging its influence, the U.S. has the power to shape and bolster global efforts aimed at combating corruption by tackling environmental crimes.
FACT recommends that the FATF employ stronger language to encourage countries to establish enhanced beneficial ownership reporting standards for trusts and other under-regulated entities.
As COP28 kicks off, FACT policy fellow Luke Rowe argues that the fight against dirty money from environmental crimes holds lessons for current efforts to ensure the integrity of the energy transition.