Historically, the U.S. has had one of the most effective AML/CFT regimes in the world. But we are far from perfect, and we will always strive to harden our system against those who seek to misuse our institutions, gatekeepers, and payments platforms. In particular, in our mutual evaluation in 2016, the FATF determined that the U.S. has major regulatory gaps related to beneficial ownership, real estate, investment advisors, and non-financial gatekeepers like lawyers and trusts. Many of the issues the FATF identified align with the findings of my office’s Money Laundering Risk Assessment, the last version of which was published in February 2022.