The FACT Coalition along with 10 other organizations filed a comment on April 4, 2016 with the Department of the Treasury to finalize the proposed rule issued by the Financial Crimes Enforcement Network (FinCEN) to impose anti-money laundering and suspicious activity reporting requirements on registered investment advisers. The full letter can be read below or downloaded here.
In a New York Times letter, FACT’s Clark Gascoigne writes that Treasury’s plan falls short of what’s needed to combat the financial system’s role as a money-laundering haven.
To the Editor:
Re “Property Sales Get U.S. Scrutiny” (front page, Jan. 14):
The Treasury Department’s plan to scrutinize the secret companies buying real estate in New York and Miami is a welcome first step toward cleaning up parts of the real estate market, but it falls far short of what’s truly needed to combat the United States financial system’s role as a major money-laundering haven.
The FACT (Financial Accountability and Corporate Transparency) Coalition submitted comments to the U.S. Treasury Department on Friday welcoming the government’s proposed rule to require U.S. banks to know the true owner of all accounts opened in their institutions as a step toward pushing dirty money out of the American financial system, while cautioning that several elements of the proposal need to be strengthened.
The FACT Coalition submitted the attached comment to the U.S. Treasury Department’s Financial Crimes Enforcement Network in October 2014 regarding FinCEN’s notice of proposed rule making for customer due diligence procedures for financial institutions.
