Read FACT’s official statement for the record highlighting the critical work of Treasury’s Financial Crimes Enforcement Network, including its ongoing efforts to implement the Corporate Transparency Act and finalize strong rules curbing money laundering through U.S. real estate and private investment markets.
Treasury advances long-awaited anti-money laundering rules for U.S. real estate, and the European Union dramatically expands access to beneficial ownership registries, among other AML reforms.
FACT welcomes the release by Treasury of much-needed draft reforms closing loopholes that have, for decades, allowed international and domestic bad actors to launder money through U.S. real estate markets.
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.
In his latest blog, FACT policy fellow Luke Rowe outlines the impact of widespread money laundering through real estate purchases on property values, social stability, and the environment, and details reforms necessary to tackle these crimes in Australia and the U.S.
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.