But Passage of Pending U.S. AML Reform May Reduce Perceived Deficiencies in Beneficial Owner Identification
Last week, Transparency International (“TI”) released an updated assessment of the “beneficial ownership legal frameworks” in the G20 countries, entitled “G20 Leaders or Laggers?” Since TI’s 2015 assessment of this same issue, the international anti-corruption organization found that “progress across the board has been slow.” The 2018 Report lauds France, Germany and Italy for making “noticeable improvements since 2015.” Other countries made more modest upgrades during that time period, including the United States, whose beneficial ownership transparency framework assessment rose from “Weak” in 2015 to “Average” in the 2018 Report.
This post begins with a few observations regarding TI’s methodology in composing the 2018 Report. The post then reviews certain of the areas where TI found the United States lacking as compared to its G20 peers, and examines whether Congress’ recent draft bill, the Counter Terrorism and Illicit Finance Act (“CTIFA”), about which we blogged in a January 2018 two-part series (here and here), may address these identified deficiencies. Continue Reading International Report Critiques U.S. Beneficial Ownership Transparency