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U.S., like much of the world, still struggles with AML crackdowns

Joe Mont | December 20, 2016

The Unites States’ report card on anti-money laundering efforts may not be good enough to stick on the refrigerator. Metaphorical As and Bs are mixed alongside a variety of troubling “needs improvement” warnings.

The recently released assessment by the Financial Action Task Force is the fourth “mutual evaluation report” focused on the United States and its latest since 2006. The bottom line: it “has a well-developed and robust anti-money laundering and counter-terrorist financing regime through which it is effectively investigating and prosecuting money laundering and terrorist financing.”

The ominous caveat: “Serious gaps impede timely access to beneficial ownership information.”

FATF is an independent, inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing. Its recommendations are recognized as the global AML and CFT standard

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