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FATF recognizes US progress on AML measures but challenges to BOI linger

Man holding a stack of US $100 Bills
Photo: Getty Images/Charles O’Rear

US said to be “largely compliant” with a recommendation that countries have rules preventing criminals from hiding dirty money in shell companies.

The global financial watchdog, the Financial Action Task Force (FATF), has revised advice it gave the US on its anti-money-laundering safeguards, thanks to a new beneficial ownership information (BOI) rule the US Treasury Department is implementing.

The FATF said the US is now “largely compliant” with a recommendation by the