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.
Less than a week after the conclusion of the IACC, the Biden Administration took another big step toward meeting its anti-money laundering and anti-corruption commitments with the release of the second draft rule to implement the Corporate Transparency Act early today.
The FACT Coalition welcomes today’s release by the Department of the Treasury of the second draft rule – this time, defining directory access protocols – necessary to implement the landmark Corporate Transparency Act.
On October 6, following the release of the first final rule to implement the landmark Corporate Transparency Act, the FACT Coalition hosted a private civil society roundtable conversation with senior Treasury Department officials to discuss progress in improving and strengthening U.S. anti-money laundering and anti-corruption safeguards.
Today, Congress passed a continuing resolution to fund the U.S. government through December 16, which now awaits President Biden’s signature. While the measure will ensure that agencies can continue operations at existing budgetary levels, the resolution puts off approving the increased funding for key offices in the U.S. Treasury Department contemplated in both chambers’ appropriations bills for fiscal year 2023.
Today, Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Department of the Treasury, and Andrew Adams, Director of the Task Force KleptoCapture at the Department of Justice, testified before the Senate Committee on Banking, Housing, and Urban Affairs on steps the Administration is taking in response to Russia’s invasion of Ukraine.