Key money-laundering channel in US shut down by new law wionews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wionews.com Daily Mail and Mail on Sunday newspapers.
WASHINGTON: A major avenue for global money laundering and tax evasion has been closed off by a new law requiring disclosure of owners of US shell companies used to hide billions of dollars.
The Corporate Transparency Act was included in the US defense appropriations bill passed into law by Congress this week, overriding President Donald Trump’s veto.
The law forces “beneficial owners” behind shell companies to report their identities to the US Treasury’s Financial Crimes Enforcement Network, or FinCEN.
While the law still grants them protection from public knowledge only the Treasury and law enforcement will be able to access the FinCEN database transparency advocates say it is a huge step against kleptocrats, organized crime and rich tax evaders who have been able to anonymously wash their suspect wealth through the world’s largest economy.
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A major avenue for global money laundering and tax evasion has been closed off by a new law requiring disclosure of owners of US shell companies used to hide billions of dollars.
The Corporate Transparency Act was included in the US defense appropriations bill passed into law by Congress late Friday, overriding President Donald Trump s veto.
The law forces beneficial owners behind shell companies to report their identities to the US Treasury s Financial Crimes Enforcement Network, or FinCEN.
While the law still grants them protection from public knowledge only the Treasury and law enforcement will be able to access the FinCEN database transparency advocates say it is a huge step against kleptocrats, organized crime and rich tax evaders who have been able to anonymously wash their suspect wealth through the world s largest economy.
Print this page WASHINGTON - A major avenue for global money laundering and tax evasion has been closed off by a new law requiring disclosure of owners of U.S. shell companies used to hide billions of dollars.
The Corporate Transparency Act was included in the U.S. defense appropriations bill that Congress passed into law late Friday, overriding President Donald Trump s veto.
The law forces beneficial owners behind shell companies to report their identities to the U.S. Treasury s Financial Crimes Enforcement Network, or FinCEN.
While the law still grants them protection from public knowledge only the Treasury and law enforcement will be able to access the FinCEN database transparency advocates say it is a huge step against kleptocrats, organized crime and rich tax evaders who have been able to anonymously wash their suspect wealth through the world s largest economy.
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The U.S. Treasury s Financial Crimes Enforcement Network is alerting financial institutions about the potential for fraud, ransomware attacks or similar types of criminal activity related to COVID-19 vaccine research and distribution organizations.
FinCEN reports the fraudulent acts include targeting vaccine researchers with ransomware, promising consumers early access to a COVID-19 vaccine for an extra fee and peddling fake cures.
In the alert, the agency also provides instructions for filing Suspicious Activity Reports (SARs) regarding any unusual activity related to COVID-19 vaccines and their distribution. The agency says filing a SAR is crucial to identifying and stopping fraud and cybercrime and is part of the Bank Secrecy Act compliance requirements by financial institutions.