The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

FinCEN Shutting the Channels of Financial Crimes Directed through Shell Companies

Fincen

A major path of money laundering and tax evasion has been shut off by FinCEN with their new regulations. This new law requires the disclosure of the shell companies and their owners involved in hiding billions of dollars.

This act is known as the Corporate Transparency Act which was included in the US defense bill passed by Congress despite President Trump’s veto. 

This law has obligated the owners of the shell companies to report their identities to FinCEN- Financial Crimes Enforcement Network. Only FinCEN and the office of the US Treasury will have the access to the data and will not become public knowledge. According to the advocates of this transparency act, this is a huge step to get rid of crimes related to tax evasion and money laundering. Criminals have anonymously cleansed their black money for years. 

“For years, experts routinely ranked anonymous shell companies … as the biggest weakness in our anti-money laundering safeguards. It’s the single most important step we could take to better protect our financial system from abuse,” said Ian Gary, executive director of the FACT Coalition, which lobbied for the legislation.

According to the UN, estimately around 800 billion USD to 2 trillion USD is laundered through the financial global system every year. According to the experts, the US economy has the ability to absorb billions of dollars without being highlighted which results in converting illegal funds into legalized assets.

The director of Transparency International, Gary Kalman, said that this act is crucial for fighting crimes like money laundering. According to him, money has been flooded into the country through China and Russia for laundering through properties, art, assets. Etc. 

“By choking off access to the advanced economies, you are making it much harder. You are upping the cost and the likelihood of getting caught.”

According to the law, the failure to comply with the new legislation can result in up to two years in jail and 10,000 USD.

Related Posts

News

UK’s National Audit Claims FCA Takes Slow Crypto Enforcement Actions

The UK’s National Audit stated that the Financial Conduct Authority (FCA) has all the rights to c...

UK’s National Audit Claims FCA Takes Slow Crypto Enforcement Actions Explore More

News

US Banking Regulator Advises Federal Licensing Framework for Crypto Firms

Brian Brooks, Chief Operating Officer of the U.S. Office of the Comptroller of the Currency (OCC)...

US Banking Regulator Advises Federal Licensing Framework for Crypto Firms Explore More

News

Money Laundering Scheme by Crime Gangs Focuses on Ireland

International criminal organisations are using millions of euros in legitimate products to mask s...

Money Laundering Scheme by Crime Gangs Focuses on Ireland Explore More

News

Turkey at Risk of Becoming a Haven for Russian Sanctions

Turkey is facing rising pressure for compliance with sanctions imposed on Russia and to increase ...

Turkey at Risk of Becoming a Haven for Russian Sanctions Explore More

News

Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA

The Crypto industry was rated high-risk in the latest sector risk assessment (SRA) of the FMA, wh...

Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA Explore More

News

EU Confirms its Firm Stance on All Digital Currencies

The EU has confirmed its firm stance on all the digital currencies until the associated risks hav...

EU Confirms its Firm Stance on All Digital Currencies Explore More

News

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures

The RICS has issued a statement for its members urging them to adopt ‘extremely careful’ measures...

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures Explore More

News

Lawmakers Approve Enablers Act Bill to Expand AML Reporting Requirements

A group of lawmakers have approved the revision of America’s money laundering laws after 20 years...

Lawmakers Approve Enablers Act Bill to Expand AML Reporting Requirements Explore More

News

Shufti Introduces AI-Based OCR for Better Customer Verification

Verifying customers is the goal of our clients and we believe in providing the best solutions. Th...

Shufti Introduces AI-Based OCR for Better Customer Verification Explore More

News

Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges

The governor of the Lebanese central bank appeared in the first court hearing on the premise of s...

Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges Explore More

News

Real Estate Firm LeHomes Realty Fined $282K for AML Compliance Failure

Real Estate Firm LeHomes Realty has been fined $282K for AML compliance failure. The brokerage co...

Real Estate Firm LeHomes Realty Fined $282K for AML Compliance Failure Explore More

News

Giaba Trains BDC Operators for Money Laundering & Terrorist Financing

GIABA (Inter-Governmental Action Group against Money Laundering in West Africa) has started a thr...

Giaba Trains BDC Operators for Money Laundering & Terrorist Financing Explore More

News

New AML Reforms ‘Tranche 1.5’ Take Effect in Australia

In an attempt to streamline customer verification and correspondent banking, AUSTRAC has issued r...

New AML Reforms ‘Tranche 1.5’ Take Effect in Australia Explore More

News

FATF Urges Member Countries To Lead by Example in Implementing Travel Rule

The global financial watchdog FATF has urged countries to implement the travel rule in the legisl...

FATF Urges Member Countries To Lead by Example in Implementing Travel Rule Explore More

News

Hacker Group Profited $7M in Crypto by Selling Stolen Credit Cards

A hacker group “Keeper” developed an interconnected network of over 570 eCommerce sites to steal ...

Hacker Group Profited $7M in Crypto by Selling Stolen Credit Cards Explore More

News

FATF Criticized Cash-Rich Germany Over Money Laundering Concerns

FATF dealt a blow to Germany’s reputation, which considered itself high regarding its reput...

FATF Criticized Cash-Rich Germany Over Money Laundering Concerns Explore More

News

Dark Web Becomes a Haven for Insurance Fraud

Dark Web has recently become a growing market for unemployment insurance fraud and fraudsters can...

Dark Web Becomes a Haven for Insurance Fraud Explore More

News

Georgia Ramps Up AML Measures to Combat Financial Crime

A new report released by the Council of Europe’s AML body has highlighted Georgia’s progress in c...

Georgia Ramps Up AML Measures to Combat Financial Crime Explore More

News

Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance

EU financial and anti-financial crime regulations are more complicated than before and they reinf...

Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance Explore More

News

Tech Giant Olympus Hit by Ransomware Attack from ‘BlackMatter’, Successor of DarkSide

More than 40 ransomware attacks have been attributed to BlackMatter, a ransomware-as-a-service gr...

Tech Giant Olympus Hit by Ransomware Attack from ‘BlackMatter’, Successor of DarkSide Explore More

News

US State joins international task force targeting COVID-19 investment scams

The Oregon Division of Financial Regulation has recently joined an international enforcement task...

US State joins international task force targeting COVID-19 investment scams Explore More

News

Investment Bank Fined by FCA for Failing with Due Diligence Requirements

An Investment Bank in London, Sapien Captial, has been penalised by the financial regulator, Fina...

Investment Bank Fined by FCA for Failing with Due Diligence Requirements Explore More

News

China’s Top Leaders Indicate the Further Tightening of Financial Regulations

Chinese leaders have indicated that the country will move to further strengthening of financial r...

China’s Top Leaders Indicate the Further Tightening of Financial Regulations Explore More

News

US Treasury Department Introduces Beneficial Ownership Reporting Form to Enhance AML Measures

The US Treasury Department designed a beneficial ownership report form to strengthen the security...

US Treasury Department Introduces Beneficial Ownership Reporting Form to Enhance AML Measures Explore More

News

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto

One year after the Central Bank Nigeria (CBN), imposed a ban on digital currencies, anti-fraud ex...

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto Explore More

News

Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively

Singapore, Cyprus, and the US are stepping up their efforts to curb financial crimes while aiming...

Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively Explore More

News

Real Estate Firm LeHomes Realty Fined $282K for AML Compliance Failure

Real Estate Firm LeHomes Realty has been fined $282K for AML compliance failure. The brokerage co...

Real Estate Firm LeHomes Realty Fined $282K for AML Compliance Failure Explore More

News

New White House Standards Strategy May Affect Crypto Industry KYC Regulations

President Biden’s administration unveiled a national standards strategy on May 4, outlining eight...

New White House Standards Strategy May Affect Crypto Industry KYC Regulations Explore More

News

UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022

UAE’s AML task force has imposed fines of over Dh41 million ($11m) in the first six months of 202...

UAE Issues a Total of $11 Million in Fines for AML Offenses in First Half of 2022 Explore More

News

Study Reveals Alabama to be the Center for Identity Theft and Fraud

According to the latest study, Alabama has become the state with one of the highest rates of iden...

Study Reveals Alabama to be the Center for Identity Theft and Fraud Explore More

News

Singapore Passes Stringent Regulations to Clamp Down on Money Mules

Singapore has passed stringent regulations to clamp down on money mules and those who give contro...

Singapore Passes Stringent Regulations to Clamp Down on Money Mules Explore More

News

Phase One of the Crypto Regulatory Framework in Switzerland Begins

As of today, phase one of the regulatory framework regarding the cryptocurrency and blockchain in...

Phase One of the Crypto Regulatory Framework in Switzerland Begins Explore More

News

Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA

The Crypto industry was rated high-risk in the latest sector risk assessment (SRA) of the FMA, wh...

Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA Explore More

News

Leading Japanese Crypto Exchange Loses $100 Million to Hackers

Liquid Global, a leading cryptocurrency exchange in Japan was hit by a hacking attack and the exc...

Leading Japanese Crypto Exchange Loses $100 Million to Hackers Explore More

News

Australia sues Facebook for $525 billion

A lawsuit was filed against Facebook by Australia’s privacy regulator, blaming the social media p...

Australia sues Facebook for $525 billion Explore More

News

BPI Crackdowns on Money Mules to Secure Financial Institutions

The Bank of Philippine Islands (BPI) was flagged on Wednesday as it was suspected to be involved ...

BPI Crackdowns on Money Mules to Secure Financial Institutions Explore More

News

US Launches National Cryptocurrency Enforcement Team

The National Cryptocurrency Enforcement Team will aid the US Department of Justice (DOJ) in disma...

US Launches National Cryptocurrency Enforcement Team Explore More

News

FATF Urges Member Countries To Lead by Example in Implementing Travel Rule

The global financial watchdog FATF has urged countries to implement the travel rule in the legisl...

FATF Urges Member Countries To Lead by Example in Implementing Travel Rule Explore More

News

Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals

Liberia, one of the poorest countries in the world, is said to spend an enormous and highly suspi...

Liberian Ministers Allegedly Laundering Money Using Foreign Lobbying Contracts, Investigation Reveals Explore More

News

Central Valley Towns Become the Hot Spot of Identity Theft

A new report identifies a small number of Central Valley towns with the highest incidence of iden...

Central Valley Towns Become the Hot Spot of Identity Theft Explore More

News

Ransomware attacks three US universities

A ransomware group has successfully stricken three universities within the week. They claim that ...

Ransomware attacks three US universities Explore More

News

Vietnam’s Deputy PM Approves National Action Plan for the Prevention of Financial Crime

Vietnam’s Deputy Prime Minister Signed a National Action Plan for the control and prevention of M...

Vietnam’s Deputy PM Approves National Action Plan for the Prevention of Financial Crime Explore More

News

FATF to Blacklist Uganda Over Money Laundering

The Executive Director of the Finance Intelligence Authority, Sydney Asubo stated that the FATF h...

FATF to Blacklist Uganda Over Money Laundering Explore More

News

Gibraltar financial watchdog issues warnings for four crypto sites

The Gibraltar Financial Services Commission, or GFSC, on June 5th, issued four public warnings to...

Gibraltar financial watchdog issues warnings for four crypto sites Explore More

News

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts

Japan’s federal regulatory authority FSA lays ground for anti money laundering requirements for c...

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts Explore More

News

WhatsApp Introduces Fingerprint Authentication For Android

WhatsApp has recently announced that its app can be locked with a fingerprint, now available on A...

WhatsApp Introduces Fingerprint Authentication For Android Explore More

News

US Launches First Criminal Prosecution for Alleged Cryptocurrency Sanctions Case

Criminal charges are issued by the US Justice Department for the first time for transmitting more...

US Launches First Criminal Prosecution for Alleged Cryptocurrency Sanctions Case Explore More

News

SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures

The Solicitors Regulation Authority (SRA) has fined Scarborough law firm Pinkney Grunwells Lawyer...

SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures Explore More

News

Philippines Directs Efforts & Demonstrates Progress in Resolving AML Concerns

The Asia Pacific Group on Money Laundering (APG) has raised the Philippines’ rating from pa...

Philippines Directs Efforts & Demonstrates Progress in Resolving AML Concerns Explore More

News

CBN Fines GTBank N128M for Failing to Meet AML and CTF Requirements

The Central Bank of Nigeria (CBN) has charged Guaranty Trust Bank (GTBank) with N128 million for ...

CBN Fines GTBank N128M for Failing to Meet AML and CTF Requirements Explore More

News

UK’s Regulatory Agencies not Coming Slow Against Money Laundering

HM Revenue & Customs carried out an extensive investigation on the UK’s real-estate agencies ...

UK’s Regulatory Agencies not Coming Slow Against Money Laundering Explore More

News

NSW Make Reforms to Counter Money Laundering and Gambling

The New South Wales government embraces new reforms to counter the issue of money laundering and ...

NSW Make Reforms to Counter Money Laundering and Gambling Explore More

News

Dubai Sets up Special Court to Tackle Money Laundering

The new court of law has been established to combat money laundering and related financial crimes...

Dubai Sets up Special Court to Tackle Money Laundering Explore More

News

UAE Central Bank Issues AML/CFT Guidance For Exchange Houses

The Central Bank of UAE (CBUAE) has issued guidance for Licensed Exchange Houses (LEH), keeping F...

UAE Central Bank Issues AML/CFT Guidance For Exchange Houses Explore More

News

Australia, Singapore, Malaysia, and RSA Team Up for CBDC Trials

Central banking entities of Singapore, Australia, Malaysia, and South Africa agree on a mutual ag...

Australia, Singapore, Malaysia, and RSA Team Up for CBDC Trials Explore More

News

Natwest Caps Transfer Limit to Binance Over Fraud Concerns

Natwest bank is scrutinizing cryptocurrency transactions, including Binance transactions, due to ...

Natwest Caps Transfer Limit to Binance Over Fraud Concerns Explore More

News

Central Banks of UAE and Saudi Arabia Released a Joint Report on CBDC

A joint report published by the central banks of UAE and Saudi Arabia, two countries with the mos...

Central Banks of UAE and Saudi Arabia Released a Joint Report on CBDC Explore More

News

London has been Dubbed as a Money Laundering Base

The UK’s capital has been dubbed as a potential hotbed for organised crime, especially after Brex...

London has been Dubbed as a Money Laundering Base Explore More

News

Coincheck customers fall victim to a data breach

In 2018, Coincheck, the Japanese firm, fell victim to probably the largest cryptocurrency hack in...

Coincheck customers fall victim to a data breach Explore More

News

AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High

According to the anti-money laundering council, the Philippines’ terrorist and terrorism fi...

AMLC Downgrades Terror Financing Risks in the Philippines From High to Medium-High Explore More

News

FinCEN Launches Regulatory Process For AML Regulation on Antiquities

The ANPRM discusses how antiquities trade can be exploited by money launderers and terrorist fina...

FinCEN Launches Regulatory Process For AML Regulation on Antiquities Explore More

News

Canada to Update AML Laws for Payments Services, FinTechs and Crowdfunding Platforms

The Canadian government’s federal budget announced that new regulations will be implemented to up...

Canada to Update AML Laws for Payments Services, FinTechs and Crowdfunding Platforms Explore More

News

Namibia Enhances its National Crypto Strategy with New Legislation

Namibia raises the bar with new legislation in the National Crypto Strategy to combat crypto scam...

Namibia Enhances its National Crypto Strategy with New Legislation Explore More

News

Malta Should Remain Vigilant Against Money Laundering, Says FATF President

FATF President Marcus Pleyer says that Malta must prioritise its fight against  illicit financial...

Malta Should Remain Vigilant Against Money Laundering, Says FATF President Explore More

News

The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague

The Netherlands is aiming to create a new anti-money laundering agency with the principles of the...

The Netherlands To House an EU-based Anti-Money Laundering Agency in the Hague Explore More

News

Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions

The representatives of the Crypto industry have disapproved of reporting data about NFTs, DeFi tr...

Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions Explore More

News

Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel

Intel has confirmed the findings of CISC’s report saying that Canadian real estate is a safe have...

Canada’s Real Estate a Safe Haven for Money Laundering, Confirms Intel Explore More

News

Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy

Denmark promises to crackdown on money laundering activities across the nation with a new AML str...

Danish Gaming Regulator to Support the Ministry of Justice’s National AML Strategy Explore More

News

“The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme

A sixth member of “The Community” was sentenced to 10-month imprisonment and over $120,000 fine f...

“The Community” Fined $120M for Multi-million Cryptocurrency Theft Scheme Explore More

News

FACT Urges Treasury to Implement Landmark Corporate Transparency Act

FACT has urged the treasury department to impose crucial changes to draft regulations and impleme...

FACT Urges Treasury to Implement Landmark Corporate Transparency Act Explore More

News

Uruguay Faces 3 Obstacles in the Fight Against Money Laundering

Uruguay’s national secretariat unit, SENACLAFT, revealed three obstacles in fighting money launde...

Uruguay Faces 3 Obstacles in the Fight Against Money Laundering Explore More

News

Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures

The Philippine financial system did not comply with international Financial Action Task Force (FA...

Phillippines Added to FATF Gray List Again for Inadequate AML Casino Measures Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started