{"id":4646,"date":"2021-03-09T18:09:52","date_gmt":"2021-03-09T18:09:52","guid":{"rendered":"http:\/\/lonecandle.com\/?p=4646"},"modified":"2021-03-09T18:09:52","modified_gmt":"2021-03-09T18:09:52","slug":"the-us-has-made-its-biggest-anti-money-laundering-changes-in-years-2","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=4646","title":{"rendered":"The US has made its biggest anti-money-laundering changes in years"},"content":{"rendered":"\n<p>\n\n&#8220;If you\u2019re a corrupt foreign official or drug trafficker, there\u2019s a pretty easy way to protect your illicit cash: create an anonymous shell company.<\/p>\n\n\n\n<p>You form a shell company \u2014 meaning a business that exists only on paper, with no employees, no products it makes or sells, no revenue, nothing except maybe a bank account and some assets \u2014 but you do it without disclosing your (the owner\u2019s) real name, offering a convenient way to launder your money and evade law enforcement in the United States.<\/p>\n\n\n\n<p>Except that might now be a lot harder to do in the US. A&nbsp;<a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/house-bill\/6395\" target=\"_blank\" rel=\"noreferrer noopener\">provision<\/a>&nbsp;in the&nbsp;<a href=\"https:\/\/www.vox.com\/2020\/12\/14\/22174010\/trump-veto-ndaa-confederate-bases-section-230-china\" target=\"_blank\" rel=\"noreferrer noopener\">National Defense Authorization Act (NDAA)<\/a>, the $741 billion defense bill, will effectively ban anonymous shell companies.<\/p>\n\n\n\n<p>The NDAA passed with bipartisan support in Congress.&nbsp;<a href=\"https:\/\/www.defenseone.com\/policy\/2020\/12\/trump-vetoes-defense-authorization-bill\/171027\/\" target=\"_blank\" rel=\"noreferrer noopener\">Trump vetoed the package<\/a>, but Congress&nbsp;<a href=\"https:\/\/www.nytimes.com\/2021\/01\/01\/us\/politics\/senate-override-trump-defense-bill.html\" target=\"_blank\" rel=\"noreferrer noopener\">voted overwhelmingly to override<\/a>&nbsp;the president\u2019s veto for the first time during Trump\u2019s tenure.<\/p>\n\n\n\n<p>That means that now, when someone opens a shell corporation, they\u2019ll be required to provide the owner\u2019s name and some basic identifying information.This simple step will give law enforcement and national security officials a powerful tool to crack down on corruption.&#8221;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.vox.com\/22188223\/congress-anti-money-laundering-anonymous-shell-companies-ban-defense-bill\">https:\/\/www.vox.com\/22188223\/congress-anti-money-laundering-anonymous-shell-companies-ban-defense-bill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;If you\u2019re a corrupt foreign official or drug trafficker, there\u2019s a pretty easy way to protect your illicit cash: create an anonymous shell company.<\/p>\n<p>You form a shell company \u2014 meaning a business that exists only on paper, with no employees, no products it makes or sells, no revenue, nothing except maybe a bank account and some assets \u2014 but you do it without disclosing your (the owner\u2019s) real name, offering a convenient way to launder your money and evade law enforcement in the United States.<\/p>\n<p>Except that might now be a lot harder to do in the US. A provision in the National Defense Authorization Act (NDAA), the $741 billion defense bill, will effectively ban anonymous shell companies.<\/p>\n<p>The NDAA passed with bipartisan support in Congress. Trump vetoed the package, but Congress voted overwhelmingly to override the president\u2019s veto for the first time during Trump\u2019s tenure.<\/p>\n<p>That means that now, when someone opens a shell corporation, they\u2019ll be required to provide the owner\u2019s name and some basic identifying information. This simple step will give law enforcement and national security officials a powerful tool to crack down on corruption.&#8221;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[744,906,1208],"class_list":["post-4646","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-crime","tag-legislation","tag-money-laundering"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/4646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4646"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/4646\/revisions"}],"predecessor-version":[{"id":4647,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/4646\/revisions\/4647"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}