Trust Updates Archive

20070508--TRN, BofA Trusts' Anonymity Good for Bad Guys, Frustrating to Regulators

(July 17, 2007--Chicago, IL)
--Trusts constitute the final layer of anonymity for money launderers, frustrating both U.S. and foreign regulators, according to 2007 National Money Laundering Strategy. The annual report is a joint project of the U.S. Departments of Treasury, Justice, and Homeland Security detailing what regulators have identified as priority threats and vulnerabilities.

Though domestic trust companies are subject to the Bank Secrecy Act, most individual trusts are not. The IRS warns that corporate fiduciaries should take steps to avoid becoming successor to trusts that have been used for fraudulent purposes.

For more on this topic, see the current issue of Trust Regulatory News, including related articles:

> Money Laundering and Ken Lay’s Estate

Okay for Feds to Money Launder, but Not You

Banks Complain about High Cost of BSA Compliance, Regulators Promise Reform

No statement in this issue is offered as or should be
construed as legal opinion or advice

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