The Financial Action Task Force (FATF) has upgraded its assessment of the US’ anti-money laundering and counter-financing of terrorism (AML/CFT) compliance framework.
But the American Bankers Association (ABA) and US legislators are calling for much more stringent disclosure of beneficial ownership details.
The FATF described the US as largely compliant with beneficial ownership requirements.
It noted the US treasury department’s Financial Crimes Enforcement Network’s (FinCEN’s) 2016 beneficial ownership rule and said that industry compliance with the rule has provided increased transparency since it took effect.
Tougher disclosure calls
The ABA meanwhile says what is notably lacking in the US’ AML/CFT framework is a national beneficial ownership registry.
The ABA is a strong supporter of a national registry and two recent bills have been introduced to provide legislation for such a registry: the Illicit Cash Act, which is pending in the Senate, and the Corporate Transparency Act, which has passed through Congress.
Categories: Trade Based Financial crimes News