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Two lawmakers urge Yellen to expand AML reporting obligations to private equity and hedge fund advisors

Wednesday, May 05, 2021

B. G., Opalesque Geneva:

Two Democratic lawmakers have sent a letter to the U.S. Secretary of the Treasury Janet Yellen, urging the Department to expand anti-money laundering reporting obligations to private equity and hedge fund advisors. Congressman Tom Malinowski and Senator Sheldon Whitehouse also recommend other specific actions the Secretary can immediately take under current authorities to prevent foreign kleptocrats from moving dirty money through the U.S. and global financial systems.

Last year, Congress enacted the Corporate Transparency Act, which effectively bans the registration of anonymously owned shell companies in the U.S., says Malinowski's website. The Biden Administration has pledged to build on this achievement by making the fight against transnational corruption a key element of its foreign policy. To that end, it recently requested a significant increase in funding for the Treasury Department's Financial Crimes Enforcement Network (FinCEN).

"Domestically, Treasury has the authority to rapidly expand anti-money laundering (AML) obligations, as recommended for decades by law enforcement, anti-corruption watchdogs, and the Financial Action Task Force (FATF)" their letter says.

"With beneficial ownership reform on its way, the top policy priority in the fight against dirty money s......................

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