U.S. Formally Launches AML Assessment Ahead of FATF Evaluation

By Colby Adams and Brian Monroe

Officials from 26 U.S. agencies and departments have begun a formal evaluation of the country's legal and regulatory vulnerabilities to illicit finance as required by an international anti-money laundering organization. In March 2013, the Paris-based Financial Action Task Force (FATF) asked member-nations to periodically identify, assess and report their risks to money laundering and terrorist financing ahead of the group's next round of mutual evaluations, which will for the first time grade practical as well as technical compliance with its 40 recommendations. Led by the U.S. Treasury Department, which represents the United States to FATF, regulators, attorneys and investigators from...