U.S. Prodding FATF on Law Enforcement Standards, Says Official

By Brian Monroe and Brian Orsak

The U.S. Treasury Department is asking the Financial Action Task Force to strengthen three of its standards on money laundering and terrorist financing investigations, an official said Tuesday. The efforts, which would affect the group's 26th, 27th and 28th recommendations, have not been formalized and U.S. officials have yet to submit a written proposal, according to Chip Poncy, director of the department's office of Strategic Policy for Terrorist Financing and Financial Crimes. The international community needs clearer guidance and "more accountability in the criminal justice system," said Poncy, during a panel at the 16th Annual International Anti-Money Laundering Conference. The...