Efforts to combat money laundering in 2021 are coming to fruition, according to an article in ABA Risk and Compliance. Additionally, federal agencies also plan to bolster anti money laundering (AML) compliance by overhauling old systems and harnessing the power of technology.
The Financial Action Task Force, which sets international standards for financial crimes like money laundering, is part of a global effort ushering in these significant changes. The reason for the global focus is because traffickers, arms dealers and terrorists rarely stay within a single country or jurisdiction.
Here in the United States, several government agencies are involved in investigations of financial crime. At issue is how banks might be more proactive in identifying and tracking money laundering when more data and information does not always result in increased compliance.
2021 AML efforts will include the United States Financial Crimes Enforcement Network (FinCEN), a bureau within the Treasury Department, working with banks to foster sharing of what can be pivotal information. The Government Accountability Office (GAO) is examining how law enforcement might be underutilizing information, such as Bank Secrecy Act Reports. The recently enacted National Defense Authorization Act includes a measure for businesses to report a type of ownership used by shell companies. Finally, the new administration and Treasury Secretary Janet Yellen are expected to increase the focus on AML efforts.
There are several types and stages of money laundering, all criminal offenses. If you need to speak with an experienced criminal defense attorney, please reach out to us. Our firm is recognized as a leader in litigating criminal defense cases throughout Pennsylvania.