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FATF Set to Criticize, and Praise, US AML Efforts

By Colby Adams

An intergovernmental group tasked with monitoring how effectively nations fight money laundering and terrorist financing is set to criticize the United States for failing to address several long-term legal and regulatory deficiencies. The Paris-based Financial Action Task Force, in its first mutual evaluation of the United States in 10 years, will single out weaknesses in U.S. supervision of attorneys, company formation agents, real-estate professionals and other nonbank industries, sources told ACAMS moneylaundering.com. The report, however, will also praise U.S. rules mandating the flow of suspicious activity reports and other leads from financial institutions to federal investigators as "exemplary," said Nicholas...

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