Money Makers Mentor

Congress Imposes Ban on Anonymous Shell Companies

The U.S. Senate passed a bill on Dec. 11 that overhauled anti-money laundering rules and banned anonymous shell companies. The passage was considered a victory for law enforcement and rights groups that monitor illegal money flows.

If signed into law, the bill should allow banks to share the task of identifying and tracking potential illegal activity.

Corporate Transparency Act

The Corporate Transparency Act requires most companies to report their true beneficiary owners to the Treasury Department. This requirement allows better information sharing between law enforcement and regulators. It also authorizes the use of new suspicious activity monitoring tools.

Cracking down on legal avenues that allow criminals and terrorists to move money around the world is an important issu…

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