Read FACT’s official statement for the record calling for effective implementation of critical domestic anti-money laundering measures ahead of Treasury Secretary Janet Yellen’s recent congressional testimony on the state of the international financial system.
Congress must move quickly to increase support for the Financial Crimes Enforcement Network, the bureau of Treasury responsible for implementing some of the most significant updates to U.S. anti-money laundering laws in decades.
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.
New regulations tackling money laundering in the titanic U.S. real estate and private investment sectors are now expected in early 2024, per a fact sheet released by Treasury on the first day of this week’s UN anti-corruption conference in Atlanta.
The OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One represents a historic and long overdue step to allow greater taxing rights for destination countries, as well as a potential source of expanded US public revenues.
Secretary Yellen outlines upcoming AML initiatives, U.S. commits to verification of data collected under the Corporate Transparency Act, and FinCEN gets ready to revise and reissue a controversial beneficial ownership information intake form.
