United States: Financial Sector Assessment Program-Anti-Money Laundering And Combating The Financing Of Terrorism (Aml/Cft)-Technical Notes

International Monetary Fund

No 2015/174, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for the United States in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The United States’ AML/CFT legal and institutional framework has yet to address deficiencies identified in the most recent Financial Action Task Force mutual evaluation report regarding ownership information for U.S. corporations and trusts. In particular more rapid progress is needed to enhance transparency of legal persons to bolster financial system integrity. Trusts have a different legal and institutional framework, and draft regulations have been produced to strengthen financial institutions’ obligations. These measures are however progressing slowly.

Keywords: ISCR; CR; corporation; BO information; authority; trust; beneficial ownership; CFT framework; IRS investigator; CFT system; FATF recommendation; CFT obligation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Business enterprises; Legal support in revenue administration; Financial Sector Assessment Program; Global (search for similar items in EconPapers)
Pages: 18
Date: 2015-07-07
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