"Congress can block money-laundering", 21 October 2019

Legislation pending in both Houses of Congress — H.R. 2513, the Corporate Transparency Act and S. 2563, the ILLICIT CASH Act — would effectively end all shell companies with anonymous ownership...[T]he FACT Coalition, Bank Policy Institute, and the National District Attorneys Association — have been joined by the law enforcement community, national security experts, and conservative think tanks in seeking a common-sense way to allow law enforcement and national security experts to protect this country. As the Fraternal Order of Police said in a Congressional letter, “This is a well-documented problem for our institutions and for law enforcement as we work together to shut down these criminal enterprises.” Some have argued that this information should not be provided to the broader public...[W]e all agree that it is difficult to imagine any valid reason why corporate owners would want to keep their ownership secret from law enforcement, or...from a bank that is required by law to determine who owns it.