Defense Bill To Usher In New Era For Anti-Money Laundering
By Al Barbarino (December 10, 2020, 6:41 PM EST) -- U.S. anti-money laundering laws are set for their biggest overhaul in decades under a new defense spending bill that would expose the true owners behind shell corporations, a move that attorneys believe will provide regulators and banks with critical information to clamp down on criminals looking to move dirty money.
The updates to the bipartisan National Defense Authorization Act legislation include a host of additions to anti-money laundering laws and the Bank Secrecy Act, including a new national database requiring companies to list their beneficial owners, which attorneys believe will be a "godsend" to bank compliance teams.
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