WASHINGTON—Treasury Secretary Janet Yellen is pointing to substantial domestic progress on anti-money laundering policy and areas in which Treasury plans to take action in the coming months and years.
Yellen made her comments during the recent second Summit for Democracy, Fact Coalition reported.
Yellen stressed the importance of completing the implementation of the U.S. beneficial ownership registry established by the landmark Corporate Transparency Act (CTA), saying that “Unmasking shell corporations is the single most significant thing we can do to make our financial system inhospitable to corrupt actors,” according to the report.
New Commitments on BOI
Yellen’s remarks were accompanied by the announcement of a number of new commitments on beneficial ownership transparency, signed by the U.S. and 20 other nations, Fact Coalition reported.
Chief among these commitments was a promise by the Administration to develop “appropriate verification measures” for the beneficial ownership information (BOI) database to be established under the CTA, Fact Coalition said.
Other Pending Steps
In her remarks, Yellen also highlighted upcoming steps to tackle money laundering through U.S. commercial and residential real estate markets, and future action to address the money laundering and illicit finance risks in the U.S. private investment sector, according to Fact Coalition. An accompanying White House fact sheet also highlighted its future intent to extend AML obligations to lawyers and accountants, though such steps may require collaboration with Congress.
Feeling the FOMO? We Can Help
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com