Mutual Evaluation of the United States
The Financial Action Task Force (FATF) and the Asia Pacific Group (APG) have jointly assessed the United States’ anti-money laundering and counter-terrorist financing (AML/CFT) standards. Among the major findings of the report were:
The United States has a comprehensive legal and institutional framework for investigating and prosecuting money laundering and terrorist financing offenses.
The United States vigorously pursues, seizes and confiscates the assets of criminals involved in money-laundering and terrorist financing.
The United States has an effective regulatory and supervisory framework for monitoring compliance with AML/CFT measures and has imposed severe financial penalties on financial institutions that do not comply with the measures.
Customer identification requirements apply to most types of financial institutions; however, these could be strengthened, particularly in relation to the identification of beneficial owners.
AML/CFT measures presently apply to a broad range of financial institutions; however, the FATF recommends that comprehensive AML/CFT measures should also apply to a wider range of non-financial businesses and professions.
Company formation procedures and reporting requirements are such that the information on beneficial ownership of legal persons may not, in most instances, be adequate, accurate or available on a timely basis.
This mutual evaluation was conducted using the FATF Recommendations as published in October 2004, and the 2004 Methodology for Assessing Compliance with the FATF 40 Recommendations and FATF 9 Special Recommendations.