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

Author: International Monetary Fund. Monetary and Capital Markets Department.
Publisher: Washington, D.C. : International Monetary Fund, 2015.
Series: IMF Staff Country Reports: Country Report No. 15/174
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
EXECUTIVE SUMMARY1 This note sets out the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for the United States in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). It summarizes the findings of a targeted review of measures to prevent U.S. legal persons and arrangements from being misused for money laundering (ML)/financing of terrorism (FT).  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print Version:
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: International Monetary Fund. Monetary and Capital Markets Department.
ISBN: 1513530143 9781513530147 1513588761 9781513588766
OCLC Number: 1055243777
Description: 1 online resource (18 pages)
Contents: Cover; CONTENTS; GLOSSARY; EXECUTIVE SUMMARY; TABLE; 1. Main Recommendations for AML/CFT; INTRODUCTION; GENERAL OVERVIEW OF THE U.S. AML/CFT FRAMEWORK; TRANSPARENCY AND BENEFICIAL OWNERSHIP OF U.S. LEGAL PERSONS AND ARRANGEMENTS; A. Background and Risk; B. Main Findings of the 2006 MER; C. Developments since the 2006 MER; D. Collecting, accessing, and sharing information about beneficial ownership; E. Recommendations.
Series Title: IMF Staff Country Reports: Country Report No. 15/174
Responsibility: International Monetary Fund. Monetary and Capital Markets Department.

Abstract:

EXECUTIVE SUMMARY1 This note sets out the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for the United States in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). It summarizes the findings of a targeted review of measures to prevent U.S. legal persons and arrangements from being misused for money laundering (ML)/financing of terrorism (FT). This discussion is not, in any way, an evaluation or assessment of the U.S. AML/CFT system. The United States will undergo a complete mutual evaluation by the Financial Action Task Force (FATF) beginning June 1, 2015, the results of which will be made public in 2016. The last FATF assessment in 2006 found that the United States had implemented an AML/CFT system that was broadly in line with the international standard, although a significant shortcoming was identified. The United States had significantly strengthened its AML/CFT regime since the previous mutual evaluation, including through enhanced legislation. However, there was a notable shortcoming with respect to the Recommendation addressing customer due diligence (CDD) which is one of the FATF's core Recommendations. There were also other deficiencies regarding the availability of ownership information about corporations and trusts, and the requirements applicable to certain designated non-financial businesses and professions (DNFBPs). The U.S. AML/CFT legal and institutional framework has yet to address deficiencies identified in the most recent FATF mutual evaluation report (MER) 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. Draft regulations have been produced to strengthen financial institutions' (FIs) obligations to identify and verify the identity of beneficial owners and policy intentions announced to improve the authorities' access to information on the beneficial ownership (BO) and control of U.S. corporations. These measures-to address deficiencies identified in the last FATF MER of June 2006-are progressing slowly. However, in 2010 U.S. tax authorities began requiring information that includes some BO information from legal entities and trusts applying for an Employer Identification Number (EIN), which is required when they have income, employees, or are otherwise required to file any documents with the Internal Revenue Service (IRS) or open an account with an FI. Nonetheless, deficiencies remain, and even when completed, the intended changes may not completely address all of the deficiencies cited in the last FATF mutual evaluation report. The approach taken by law enforcement agencies (LEAs) to access BO information-relying largely on a wide range of investigative powers and techniques- while often successful cannot always ensure timely access to current BO information of all U.S. corporations. The 1 This note was prepared by Ke Chen, Stephen Dawe, and Gianluca Esposito (all IMF's Legal Department).

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