Treasury promoting new rules to stop money laundering ahead of Europe meetings
The Biden administration is stepping up efforts to stop dirty money from flowing through the U.S. financial system by crafting a slew of new rules aimed at increasing corporate transparency and regulating occupations that are exploited for money launde...
WASHINGTON — The Biden administration is stepping up efforts to stop dirty money from flowing through the U.S. financial system with a slew of new rules aimed at increasing corporate transparency and regulating occupations that are exploited for money laundering.
As the second anniversary of Russia's invasion of Ukraine approaches and the war in Gaza enters its fifth month, the U.S. also faces renewed pressure to close loopholes that allow illicit funds to flow from the U.S. into Russia, Iran and the hands of militant Hamas figureheads.
Brian Nelson, Treasury's undersecretary for terrorism and financial intelligence, will be in Paris next week to lay out the latest U.S. efforts at meetings of the Financial Action Task Force, an initiative of the Group of Seven involving 39 nations that sets international standards on how to combat money laundering and illicit finance. He previewed U.S. strategy in remarks Thursday at the Atlantic Council, a nonpartisan think tank.
“We are undertaking a concerted effort to address the systemic deficiencies in the United States’ anti-money laundering and countering the financing of terrorism framework," Nelson said.
The international community is expecting the U.S. to improve its corporate transparency rules in order to maintain its status as a safe haven for investment.
A 2016 assessment by the task force on the effectiveness of measures to combat money laundering and terrorist financing identified four categories where the U.S. is
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