This online Policy Dialogue put the spotlight on an issue, which the new US administration had announced to be a top policy priority, including in their foreign policy objectives. With the EU planning to put forward a proposal for a strengthened regulatory anti-money laundering (AML) system over the next few months, this event was a good occasion to exchange notes. Illicit finance is a serious threat to Western democracies and a truly transatlantic challenge, enabling corruption, drug trafficking, financing of terrorism and undermining foreign policy goals. There is a growing political momentum for the transatlantic partners to try and tackle some of our failings in these areas e.g. the US Congress enacted the Corporate Transparency Act, and the EU is planning to put forward a proposal for a strengthened regulatory anti-money laundering (AML) system in the coming months.