“By failing to fulfill Congress’ mandate for greater financial integrity, the Treasury Department has handed a major victory to U.S. adversaries, corrupt officials, fraudsters, and tax evaders who use our financial system to move and hide illicit wealth.”
– Erica Hanichak, co-director of the FACT Coalition
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.
Since 2025, there has been a systematic disruption and deprioritization of the fight against illicit finance within the U.S. government, in ways that undermine stated goals on cartels.
FACT urges Treasury to heed the calls of law enforcement, national security, and other experts by fully implementing the Corporate Transparency Act in accordance with congressional intent and the plain language of the law.
FACT submits a comment to FinCEN calling for the withdrawal of the interim final rule that exempts U.S. entites from reporting beneficial ownership information.
