The U.S. is the easiest place in the world for a criminal, terrorist, tax cheat, or kleptocrat to open an anonymous shell company to launder their money with impunity. Anonymous corporations are great ways to hide money and other assets — they can hold a bank account or buy a yacht. Criminals often layer anonymous corporations, with one owning another and so on, making it even harder for law enforcement to “trace the money” and figure out who is directing the company’s activity. It’s time to ending the use of anonymous shell companies as vehicles for illicit activity by requiring that the true owners of U.S. companies be disclosed at the time of formation and updated upon any change.
Incorporating the Corporate Transparency Act (H.Amdt.499) into the National Defense Authorization Act will provide prosecutors with vital beneficial ownership data, says National District Attorneys Association.
The Fraternal Order of Police (FOP) calls on House Armed Services Committee Leadership to include the Corporate Transparency and Counter Act (H.Amdt.499) in the NDAA, calling it a “simple, yet actionable” solution to fighting financial crime.
The Conference of State Bank Supervisors (CSBS) calls for crucial updates to U.S. anti-money laundering legislation in a letter of support for the Anti-Money Laundering Act of 2020 (S.Amdt. 2198 to S.4049).
Representing Attorneys General from 42 states, the National Association of Attorneys General (NAAG) wrote to Senate Banking Committee leadership supporting the beneficial ownership provisions in the ILLICIT CASH Act (S. 2563). Similar provisions are currently under consideration in the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049).
The US Chamber of Commerce wrote a letter to the US Senate addressing their support for the inclusion of the Anti-Money Laundering Act of 2020 as an amendment to the National Defense Authorization Act (S.2198 to S.4049)
Small Business Majority has sent a letter to Senate leadership calling for the passage of the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049) in order to modernize the U.S. AML regulatory environment.
