A proposed $24 million cut to the Financial Crimes Enforcement Network threatens to undermine vital anti-money laundering reforms, including the implementation of the Corporate Transparency Act.
Top Treasury officials outline recent and upcoming anti-money laundering initiatives before Congress, and FACT submits comments advising swift passage and implementation of new Australian tax transparency draft legislation.
In remarks before the House Financial Services Committee, FinCEN Acting Director Him Das outlined a number of the Bureau’s top priorities, including effectively implementing the CTA by ensuring “efficient access” to beneficial ownership information collected under the law for authorized users, and effectively verifying that information.
Implementation of the Corporate Transparency Act is under serious threat, FACT calls on Treasury to nominate permanent leadership at FinCEN, and Canada introduces long awaited legislation to create a publicly-accessible federal beneficial ownership registry.
The Biden Administration’s budget for fiscal year 2024 includes a much-needed 20 percent increase in funding for the Financial Crimes Enforcement Network. The big question now is whether Congress will deliver.
In an encouraging signal of anti-corruption progress to come in 2023, the Treasury Department announced its intention to release a draft rule targeting money laundering through US real estate markets this April.