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 FACT Coalition sent a letter to Senate leadership voicing support of the Anti-Money Laundering Act of 2020 (S. Amdt. 2198 to S. 4049). The bill will serve as an invaluable update to U.S. AML regulations.
A group of Bank Trade Groups have released a letter to Senate Armed Services Committee leadership voicing support for the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049). The bill will play a key role in modernizing U.S. AML regulations.
The Fraternal Order of Police has voiced its support for the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049) to Senate leadership through a letter.
A group of international trade associations have sent a letter to Senate leadership expressing support for the adoption of the Anti-Money Laundering Act of 2020 (S.Amdt.2198 to S.4049).
Project on Government Oversight (POGO) submitted a letter to Senate leadership offices, encouraging Congress to pass the Anti-Money Laundering Act of 2020 as a part of the National Defense Authorization Act.
The National Association of Assistant United States Attorneys (NAAUSA) has written a letter to the leadership of the Senate Armed Services Committee supporting the Anti-Money Laundering Act of 2020 (S. 2198 to S.4049). The bill will provide much-needed updates to the current U.S. AML framework.
