Congress is expected to include a significant reform to the US anti-money laundering framework in the National Defense Authorization Act for Fiscal Year 2021 (NDAA), one of the last major bills lawmakers are likely to pass this year. This legislation is aimed at cracking down on people hiding behind shell companies to commit crimes, such as money laundering, trade sanctions evasion, terrorism financing, financial fraud, or other misconduct. If passed, the bill would require many US companies to disclose to the federal government for the first time the identities of their beneficial owners.
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Congress Poised To Enact Sweeping Beneficial Ownership Disclosure Requirement for US Companies
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