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Bloomberg Law Analysis

ANALYSIS: 2021 Defense Bill Targets Numerous AML Issues

Dec. 21, 2020, 9:22 AM

The 2021 National Defense Authorization Act includes the Anti-Money Laundering Act of 2020, which makes the most significant legislative additions to the U.S. anti-money laundering (AML) regulatory regime since the USA PATRIOT Act of 2001.

The Anti-Money Laundering Act (AMLA), which makes up 235 of the more than 3,600 pages of the full National Defense Authorization Act (NDAA), attempts to tackle numerous issues for the U.S. AML regulatory regime. They include the long-recognized problem of anonymous shell companies; the AML enforcement practices criticized in the recent FinCEN Files controversy; a new policy to encourage whistleblowing; and the addition...

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