Ahead of a vote on the National Defense Authorization Act, Human Rights First expresses its support for H.Amdt.1 as a key reform to U.S. anti-money laundering legislation.
Human Rights First joins dozens of labor, human rights, and anti-corruption organizations; banking associations; national security experts; the National Sheriffs’ Association and the more than 3,000 elected sheriffs nation-wide; and the Small Business Majority, among many other interest groups, in recommending a YES vote in support of House Amendment 1 to the NDAA.
We ask you to SUPPORT Maloney Disclosure of Beneficial Ownership (Corporate Transparency Act of 2019) to Stem Corruption and Protect National Security #499 or H.Amdt.1.
The text of the amendment can be found here.
This amendment, which passed the House as a stand-alone bill in October 2019, would curtail the misuse of anonymous shell companies for illicit purposes and enact key reforms to our nation’s anti-money laundering laws.
The amendment takes the simple yet effective step of requiring corporations and limited liability companies (LLCs) to disclose to law enforcement and others with legally mandated anti-money laundering responsibilities (e.g. financial institutions) information on who is the real, natural person (a.k.a. beneficial owner) that owns and controls an entity at the point of formation. It also extends Treasury’s Geographic Targeting Orders to better protect our nation’s real estate from purchase by rogue actors.
Anonymous companies facilitate everything from corruption and money laundering to transnational organized crime, sanctions evasion, and terrorism — all of which directly harm U.S. foreign policy interests. Such companies have been used to divert from their intended purposes U.S. security and overseas development funds into the hands of those who seek to do the United States harm, and they can help fund the very insurgents and terrorists U.S. troops are fighting.
Please vote to protect U.S. interests from the corruption of foreign actors, and vote YES on House Amendment 1 to the NDAA.
Thank you,
Melissa Hooper
Human Rights First