The statement is from a high-ranking official who recently became the Director of the Financial Crimes Enforcement Network (FinCEN). The official addresses several important topics, including the implementation of the beneficial ownership reporting requirements of the Corporate Transparency Act, anti-corruption initiatives, efforts to combat fentanyl trafficking, and the launch of a whistleblower program.
Key points from the statement include:
- Beneficial Ownership Reporting: The official highlights the importance of collecting beneficial ownership information to combat illicit financial activities and protect national security. Efforts are being made to simplify the reporting process, especially for small businesses, through outreach, educational materials, and compliance guides.
- Transparency in Real Estate: The U.S. real estate market has been susceptible to money laundering and corruption. Treasury is working on regulations to increase transparency in the real estate sector to curb these activities.
- AML/CFT Risks for Investment Advisers: The official mentions the need to address anti-money laundering and counter-financing of terrorism (AML/CFT) risks posed by investment advisers and identifies gaps in the current regulatory framework. Treasury is working to assess and mitigate these risks.
- Combating Fentanyl Trafficking: FinCEN plays a crucial role in tracing and tracking funds related to fentanyl and its precursors to disrupt the illicit supply chain. Public-private partnership exchanges and collaboration with international counterparts, particularly Mexico and Canada, are key components of these efforts.
- Whistleblower Program: FinCEN is establishing a whistleblower program that will reward individuals who provide original information leading to successful enforcement actions involving violations of the Bank Secrecy Act and U.S. economic sanctions. The program is currently receiving tips and making referrals for enforcement actions.
The statement emphasizes FinCEN’s commitment to transparency, collaboration, and effective enforcement in its efforts to combat financial crimes and protect national security.
By FCCT Editorial Team
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