NEW US AML BILL NEGLECTS BENEFICIAL OWNERSHIP

Global Financial Insight on 13th June reported that the House of Representatives Committee on Financial Services is considering the Counter Terrorism and Illicit Finance Act, which has been stripped of provisions that would require collection of beneficial ownership information at the time of company formation – despite a November 2017 version of the same Bill having included a section to address this critical issue.  The change is despite the section having the support of the US banking industry, according to American Banker.

http://www.gfintegrity.org/press-release/new-anti-money-laundering-bill-neglects-beneficial-ownership/

https://www.americanbanker.com/opinion/house-aml-bill-is-a-missed-opportunity

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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