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.
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.
Global Financial Integrity, a founding institutional member of the FACT Coalition, has sent a letter of support to Senate Leadership backing the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049) in its upcoming vote this week. Research from GFI has shown that anonymous companies are a critical component of facilitating transnational crime, including human, drugs, wildlife and arms trafficking and terrorist and rogue-state financing.
The human rights organization Polaris has sent a letter to Senate offices supporting the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049). The bill will restrict criminal abuse of anonymous shell companies.
ActionAid USA, Bread for the World, Jubilee USA, the ONE Campaign, and Oxfam America sent a joint letter supporting the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049). The bill will update U.S. AML regulations.
Transparency International sent a letter in support of the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049) to senate offices this week. The bill will serve to update U.S. AML regulations in the face of changing global dynamics in the finance industry.
