Lessons from South Africa’s FATF greylist efforts as the US rolls back AML law

System Administrator

The United States Treasury Department has announced the immediate suspension of the Corporate Transparency Act, which took effect on January 1, 2024, under the Joe Biden administration. This key piece of Anti-Money Laundering (AML) legislation required business owners to disclose corporate reports with information about Ultimate Beneficial Ownership (UBO). The Trump administration has positioned this move as a step to reduce red tape for American taxpayers and businesses. It may be rooted in the misplaced perception that smaller entities are less likely to be used to move illicit funds. Many observers will be concerned that it is a setback for efforts to increase transparency and combat illicit financial flows. Less UBO transparency will make it easier for corporate structures, networks, and advantageous stakeholders involved in moving funds to evade…

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Star South Africa (Digital) - 1 Issue, 2025-03-11

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