March 29, 2024

FATF re-rates United States for strengthening AML/CFT measures related to transparency and beneficial ownership

On March 26, 2024, the Financial Action Task Force (“FATF”) announced that the United States made improvements in the implementation of its money laundering and terrorist financing (“AML/CFT”) measures.  According to the 7th Follow-Up Report & Technical Compliance Re-Rating, the FATF re-rated and upgraded the United States from “Non Compliant to Largely Compliant” after acknowledging that progress had been made with regard to Recommendation 24 – Transparency and beneficial ownership of legal persons.  In October 2016, the FATF adopted a mutual evaluation report of the United States that had placed it into enhanced follow-up.  While Recommendation 24 had not been re-assessed since 2016, the FATF’s recent assessment found that the United States either met or mostly met the criterion established by the FATF for transparency and beneficial ownership.

According to the FATF, the United States was rated as “Compliant” for 9 Recommendations, “Largely Compliant” for 23 Recommendations; “Partially Compliant” for 5 Recommendations, and “Non Compliant” for 3 Recommendations.

FATF Press Release | FATF United States – 7th Follow-Up Report & Technical Compliance Re-Rating