The much-publicized Panama Papers findings released alleging that politicians, criminals and even celebrities have been hiding their wealth in offshore shell companies has prompted Americans for Financial Reform and nine other groups to pressure the U.S. Treasury Department to finalize its anti-money laundering rule for investment advisers.
The groups told Treasury Secretary Jack Lew and Office of Management and Budget Director Shaun Donovan in a letter sent Monday that Treasury's Financial Crimes Enforcement Network should impose anti-money laundering and suspicious activity reporting requirements on RIAs managing $100 million or more in assets.
Such AML rules would require these RIAs to "know their customers, report suspect transactions to law enforcement, and contribute to the work of the U.S. financial community to protect the United States from money launderers, terrorists and other wrongdoers."
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