Over the past year, the U.S. has both rolled back major anti-money laundering reforms and taken its foot off the gas on white collar enforcement. To safeguard our democracy and protect U.S. national security, the U.S. must redouble its efforts to adequately assess and prevent illicit finance risks.
Recent backsliding on important anti-money laundering initiatives, including the administration’s regulatory gutting of the Corporate Transparency Act, have raised concerns about how the U.S. will perform in its upcoming FATF mutual evaluation. The stakes are both global and domestic.
“FinCEN’s new reporting requirements will help deter the most egregious cases of money laundering through real estate while giving law enforcement and national security officials better tools to investigate and tackle these flows.” – FACT Executive Director Ian Gary
In this week’s edition of Just the FACTs, a U.S. District Court upholds landmark new anti-money laundering regulations for the residential real estate market, FACT hosts a virtual book talk with author Oliver Bullough, and Treasury moves to undermine the Corporate Alternative Minimum Tax.
Read FACT’s comments to Treasury on the final reporting form that will be used by covered entities and individuals under groundbreaking new anti-money laundering regulations for all-cash real estate purchases.
FACT welcomes the release by Treasury of a proposed form that will be used by covered entities to submit information on the true beneficiaries of certain real estate purchases, pursuant to groundbreaking new anti-money laundering regulations.
