| Issue |
SHS Web of Conferences
Volume 28, 2016
RPTSS 2015 – International Conference on Research Paradigms Transformation in Social Sciences 2015
|
|
|---|---|---|
| Article Number | 01131 | |
| Number of page(s) | 5 | |
| DOI | https://doi.org/10.1051/shsconf/20162801131 | |
| Published online | 15 June 2016 | |
American experience in the implementation of AML / CFT system
Saint Petersburg State University of Economics, 191023 Sadovaya str., 21, St. Petersburg. Russia
a Corresponding author: larin.dmitrii@mail.ru
This article presents a research into very specific matters and issues of creating and further improvement of Anti-Money Laundering and Combating the Financing of Terrorism system (abbreviated as AML/CFT) in the USA. In contains a precise analysis of key elements of this system, as well as a deep look into the nature and purposes of financial intelligence “FinCEN”. Strong emphasis is laid on The US Foreign Account Tax Compliance Act (FATCA) for the reason that, according to this Act, any foreign financial institution is legitimately forced to sign a special agreement with The US Internal Revenue Service (IRS), giving the Service power to maintain control over any American asset within its equity. The latter is understood as a legal right to investigate not only the accounts and property of American taxpayers, but to investigate any account or capital of any foreign institution having American shares or stocks.
© Owned by the authors, published by EDP Sciences, 2016
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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