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Bill to Combat Money Laundering Makes Its Way Through The Senate

The US House of Representatives passed the Corporate Transparency Act of 2019 (HR 2513) on October 22, 2019. It is currently being reviewed by the Senate. 

The bill aims to reveal the true owners of “anonymous” shell companies to law enforcement agencies. It will have major implications for all the small businesses and their owners. The bill would require businesses, that didn’t fall under the Bank Secrecy Act, to report every transaction, however small, to the government. Moreover, the business owners would have to alert the authorities regarding any suspicious activity, while maintaining a comprehensive record of all sales.

United Nations finance expert, Eric LeCompte, said of the bill, 

“This legislation helps us stop human traffickers and corrupt public officials and protects development aid. Shell companies contribute to a trillion-dollar loss to the developing world every single year.”

This bill is part of an extensive effort to crack down on money laundering and terrorist financing in both the US and Europe. Passed by the House of Representatives on October 22, it is now being evaluated by the committee experts in the Senate.