US AML Regime Largely Effective but Still Incomplete: FATF

By Valentina Pasquali and Daniel Bethencourt

U.S. rules against illicit finance are, for the most part, sophisticated and comprehensive, but minimal regulation of attorneys, accountants, company formation agents and other nonbank firms constitutes a significant, longstanding loophole that money launderers and terrorist financiers can exploit. Those weaknesses and others noted Thursday by the Financial Action Task Force are rendered more substantial by the dominant place the United States holds in the global financial system, and risk undermining several recent upgrades to the nation's anti-money laundering regime, the intergovernmental group said in its first mutual evaluation of the country in 10 years. FATF assigned the United States...