Mutual Evaluation of the United States
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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:
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The United States has a comprehensive legal and institutional framework for investigating and prosecuting money laundering and terrorist financing offenses.
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The United States vigorously pursues, seizes and confiscates the assets of criminals involved in money-laundering and terrorist financing.
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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.
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Customer identification requirements apply to most types of financial institutions; however, these could be strengthened, particularly in relation to the identification of beneficial owners.
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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.
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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.
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