Since the Presidential Election of 2016, there has been zero progress in advancing the 2015 FinCEN Proposed Regulation regarding AML programs for Registered Investment Advisers, (which includes hedge funds). When regulations upon hedge funds were postponed after the USA PATRIOT Act of 2001, hedge funds became a prime target of opportunity for money launderers who work for the world's largest criminal syndicates.
The 2015 proposed regulation, which can be accessed here.
is the last best hope to rein in hedge funds. Unless Unless FinCEN and Treasury wake up, and take this issue seriously, money launderers will still have access to place, and secrete, their clients' criminal profits within offshore hedge funds.
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