The US Congress is expected to approve the first overhaul of the country’s anti-money laundering laws in decades. Under the new legislation, all US corporations will have to register the identity of their beneficial owners in a database operated by FinCEN, in order to prevent criminals from using shell companies to conceal ill-gotten gains.
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US to shift burden from banks in overhaul of money laundering laws
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Greg Baer, chief executive of the Bank Policy Institute, a bank lobby group, said the law “allows banks to focus on the most dangerous offenders, at the direction of the Treasury”. Dennis Kelleher, president of Better Markets, a non-profit that is often critical of the banking industry, noted the bill was “supported by many across the entire ideological spectrum — the bottom line is that finally requiring transparency of actual owners hiding behind beneficial ownership disguises is a win-win for everyone”, except for criminals.
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