Bloomberg Law
June 29, 2020, 8:12 PM

Senators Look to Add Shell Company Reporting to Defense Bill

Jacob Rund
Jacob Rund
Lydia Beyoud
Lydia Beyoud
Fintech & Regtech Reporter

Several members of the Senate Banking Committee have reached a bipartisan agreement on anti-money laundering legislation that would introduce new transparency into the ownership of anonymous shell companies.

Senate Banking Chairman Mike Crapo (R-Idaho), ranking member Sherrod Brown (D-Ohio), and seven other committee members plan to offer the compromise text as an amendment to the $740 billion National Defense Authorization Act (S. 4049) set for Senate floor consideration later this week. The sponsors filed the amendment June 25.

The amendment would require newly created companies and limited liability corporations (LLCs) to send ownership details to the Treasury Department’s Financial Crimes ...

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