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US congress overhauls anti-money laundering rules, bans anonymous shell companies

Monday 14 December 2020 14:24 CET | News

The United States Senate has passed a bill overhauling anti-money laundering rules and banning anonymous shell companies.

The bill allows greater information sharing between law enforcement and regulators and authorises the use of new suspicious activity monitoring tools. Furthermore, it demands most companies to report their true beneficial owners to the government.

Cracking down on legal vehicles, disclosing corporate owners, fighting tax havens, are some of the issues policy makers aim to cut out, as these allow criminals and terrorists to move money around the world, undetected.

If signed into law, the bill should help banks by allowing them to share the burden of identifying and tracking potential illegal activity.


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Keywords: United States Senate, shell companies, anti money laundering, financial crime, regulations, AML, US
Categories: Fraud & Financial Crime
Companies:
Countries: United States
This article is part of category

Fraud & Financial Crime