Dear Colleagues,

The Financial Action Task Force — the main international anti-money laundering standard-setter, of which the United States is a member — issued an updated evaluation of the U.S. anti-money laundering system this week and reiterated that the "Lack of timely access to adequate, accurate and current beneficial ownership (BO) information remains one of the fundamental gaps in the U.S. context."

The full FATF analysis can be found here: https://www.fatf-gafi.org/publications/mutualevaluations/documents/fur-united-states-2020.html

The U.S. Senate is currently considering bipartisan legislation (S.2563, the ILLICIT CASH Act) to address this problem.  The House of Representatives passed similar bipartisan legislation (H.R.2513) in October 2019 with backing from the White House.

Best,

Clark Gascoigne
Interim Executive Director
The FACT Coalition