BENEFICIAL OWNERSHIP PROVISION STRIPPED FROM LATEST DRAFT OF US COUNTER TERRORISM AND ILLICIT FINANCE ACT

Ballard Spahr on 21st June published an article reporting on progress of this US legislation.  It says that the new draft eliminates the beneficial ownership provision entirely; in its place, the Bill merely requires the Comptroller General “to submit a report evaluating the effectiveness of the collection of beneficial ownership information under the Customer Due Diligence regulation as well as the regulatory burden and costs imposed on financial institutions subject to it”.

https://www.jdsupra.com/legalnews/beneficial-ownership-provision-stripped-70429/

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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