U.S. Congress close to ending anonymous companies abused by criminals & corrupt actors
Leaders of the U.S. Senate and U.S. House of Representatives took a major step toward ending the incorporation of anonymous companies in the United States and updating federal anti-money laundering laws Thursday with the bipartisan unveiling of legislative text for the annual must-pass defense bill. The House and Senate are both expected to approve this version of the National Defense Authorization Act (NDAA), which includes the Corporate Transparency Act, before the end of the year.
... Ian Gary, executive director of the FACT Coalition [said] "It has been decades since our nation’s anti-money laundering laws were updated. Over time, rogue nations, criminals, and kleptocrats have developed ever more sophisticated strategies, but national security and law enforcement officials are currently working with outdated and insufficient tools to counter these emerging threats. As financial crimes accelerate due to the COVID-19 pandemic, it is more important than ever that we address this critical vulnerability to our financial system that anonymous companies represent... Supporters of transparency include the national security community, police and prosecutors, the U.S. Chamber of Commerce, banks and credit unions, CEOs, the real estate sector, large businesses, small business owners, faith groups, anti-human trafficking groups, human rights organizations, global development NGOs, anti-corruption advocates, labor unions, and conservative and liberal think tanks."