How Defense Bill Will Overhaul AML Policy In US

Law360 (January 7, 2021, 5:41 PM EST) -- On Jan. 1, the U.S. Senate overrode the president's veto of the National Defense Authorization Act, a spending bill that includes a significant expansion of beneficial ownership disclosure requirements for U.S. companies and non-U.S. companies registered to do business in the U.S.[1]

The U.S. House of Representatives had previously overridden the veto and, as a result, the Senate's override vote enacted the 2021 NDAA into law.[2]

These disclosure requirements mark the latest efforts by Congress and the U.S. government more broadly to combat the use of U.S. shell companies for money laundering, terrorism financing and other illicit activities.

The 2021 NDAA...

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