Financial Crime World

White House Unveils National Anti-Corruption Strategy: Enhanced AML Efforts and Enforcement Coordination

Washington D.C. - The White House has released its National Anti-Corruption Strategy (SCC), outlining a comprehensive approach to combat corruption and money laundering in the United States and globally.

Overview

The strategy aims to disrupt the financial networks of corrupt officials and hold them accountable, while also enhancing anti-money laundering (AML) efforts and coordinating enforcement actions among U.S. government agencies and international partners.

Key Components

  • Enhanced AML Efforts: Treasury’s AML initiatives will include enhanced tax enforcement against money launderers and those who enable launderers as appropriate.
  • Legislative Proposals: The government is considering new legislation expanding criminal substantive law as needed.

Implications for Corporate Compliance Professionals

  • Adapting to Evolving Regulations: Enhanced AML efforts may require companies to adapt their due diligence processes and internal controls to ensure compliance with evolving regulations.
  • Increased Scrutiny: Focus on enforcement coordination may result in increased scrutiny from multiple agencies, potentially leading to more complex investigations and resolutions.
  • Sanctions Compliance: Companies should be prepared to provide detailed information about their sanctions compliance programs and procedures, particularly as the U.S. government expands its economic sanctions against corrupt actors under the Global Magnitsky Act authorities.
  • Investigative/Enforcement Risk: The SCC’s emphasis on building capacity in or incentivizing other countries to fight corruption may lead to increased investigative/enforcement risk for companies operating in countries with weaker anti-corruption regimes.

Next Steps

Miller & Chevalier, a leading law firm specializing in compliance and regulatory matters, will continue to monitor the progress of various lines of effort outlined in the SCC. For more information, please contact: