Efforts to thwart threats posed by illicit finance, money laundering, sanctions evasion and corruption
KPMG Insights
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December 2023
The U.S. Department of the Treasury releases a fact sheet outlining actions the agency has taken to prevent and disrupt illicit finance and national security threats posed by corruption since the issuance of the U.S. strategy on countering corruption in 2021. The fact sheet highlights recent and on-going efforts across three main categories:
1. Preventing the laundering of corrupt proceeds. Recent actions to address illicit finance risks include:
Action | Description | Related KPMG Regulatory Insights |
---|---|---|
Implementing the Corporate Transparency Act (CTA) | As of January 1, 2024, the CTA requires certain foreign and domestic companies operating in the U.S. to report their beneficial ownership information | |
Forthcoming rulemakings |
| |
Preventing the misuse of anonymous, all-cash purchases of residential real estate for money laundering purposes | FinCEN:
| Countering corruption: Beneficial ownership, Real-estate transactions |
Expanding AML/CFT requirements (anti-money laundering/countering the financing of terrorism) | Expected proposed rule in 2024 to expand AML/CFT requirements, including suspicious activity reporting obligations (SARs), to certain investment advisers | Fall 2023 Regulatory Agendas: Key Federal Banking Agencies |
Publishing “guidance, advisories, alerts, and analysis” | Aimed at helping financial institutions and the private sector better identify, disrupt, and report financial activity related to corrupt activities and kleptocracy. |
2. Holding corrupt actors accountable. Treasury is actively pursuing to hold corrupt actors accountable by:
3. Strengthening global anti-corruption efforts.
Illicit Finance & Corruption: Treasury Actions
Efforts to thwart threats posed by illicit finance, money laundering, sanctions evasion and corruption
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