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WASHINGTON (AP) – The Biden administration will tighten the flow of dirty money through the U.S. financial system with a raft of new rules aimed at increasing corporate transparency and regulating professions exploited for money laundering. We are stepping up efforts to prevent this.
As the second anniversary of Russia’s invasion of Ukraine approaches and the Gaza conflict enters its fifth month, the United States is also cracking down on loopholes that allow illicit funds to flow from the United States to Russia, Iran, and the masters of the militant Hamas group. They are also facing new pressures to close their doors.
Brian Nelson, the Treasury Department’s undersecretary for terrorism and financial intelligence, is scheduled to travel to Paris next week to explain the latest U.S. efforts to a meeting of the Financial Action Task Force. The working group is a G7 initiative involving 39 countries that sets international standards for how financial activities should be conducted. Combating money laundering and illegal finance. He previewed the U.S. strategy Thursday in remarks at the Atlantic Council, a nonpartisan think tank.
“We are making a concerted effort to address systemic deficiencies in the United States’ anti-money laundering and counter-terrorist financing frameworks,” Nelson said.
The international community expects the United States to improve its corporate transparency rules to maintain its status as a safe investment destination.
A 2016 assessment by the Special Committee on the Effectiveness of Combating Money Laundering and the Financing of Terrorism identified four categories in which the United States is “out of compliance,” including real estate ownership, certain non-banking It includes job regulations and could threaten the United States. We have established ourselves as a safe place for investment.
In recent months, the Treasury Department has announced a series of rulemakings aimed at increasing transparency in the financial system.
“We have identified numerous cases involving criminals and adversaries of the United States who seek to operate anonymously using opaque corporate structures,” Nelson said.
“A recurring risk we are focused on is the misuse of corporate structures for money laundering and money hiding. Anonymous companies are a favorite tool of bad actors looking to hide their activities and funds.” Nelson said.
This year, the Ministry of Finance began building a new database to collect “beneficiary ownership” information on companies as part of a new government effort to uncover the true identities of shell company owners. Critics of the rule say it places an undue burden on small businesses, violates privacy and free speech protections, and infringes on the state’s authority to govern businesses.
It also includes rules requiring real estate professionals to report to government agencies information about nonfinancial sales of residential real estate to corporations, trusts, and shell companies, and new regulations requiring U.S. investment advisers to: Records management regulations were also introduced. We develop anti-money laundering programs and submit reports to governments when our clients detect suspicious activity.
Addressing gaps in the U.S. anti-money laundering regime “will help prevent bad actors from operating across the United States and protect Americans from harm,” Nelson said. “The Treasury Department’s efforts will therefore help promote prosperity and security at home while setting an example around the world.”
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