United States: Financial Sector Assessment Program-Anti-Money Laundering And Combating The Financing Of Terrorism (Aml/Cft)-Technical Notes
IMF Staff Country Reports, July 7, 2015
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Bibliographic details
- Published: July 7, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513530147.002
Summary
- 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.
- 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.
Deficiencies identified
- Ownership information for U.S. corporations and trusts remains a deficiency per the Financial Action Task Force mutual evaluation report.
- Enhanced transparency of legal persons is specifically highlighted as needing more rapid progress to bolster financial system integrity.
Trusts and regulatory progress
- Trusts are governed by a different legal and institutional framework compared with corporations.
- Draft regulations have been produced to strengthen financial institutions’ obligations with respect to trusts.
- Implementation of these measures is progressing slowly.
Subjects and keywords
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT); Business enterprises; Crime; Economic sectors; Financial Sector Assessment Program; Financial sector policy and analysis; Legal support in revenue administration; Revenue administration
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT); authority; beneficial ownership; BO information; Business enterprises; CFT framework; CFT obligation; CFT system; corporation; CR; FATF recommendation; Financial Sector Assessment Program; Global; IRS investigator; ISCR; Legal support in revenue administration; trust