U.S. Dirty-Money Law Seeks to Expose Owners of Shell Companies
Bloomberg 12/10/2020 Neil Weinberg and David Voreacos
(Bloomberg) Criminals may soon find it much harder to stash their dirty money anonymously in the U.S.
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That’s because the 2021 defense authorization bill passed overwhelmingly by the House late Tuesday includes a provision that would require companies to identify their owners when they register in U.S. states.
The bill, whose language was drawn from anti-money-laundering legislation that’s been circulating on Capitol Hill for years, is expected to sharply curtail the practice of laundering money through anonymous shell companies that exist only on paper.
Hunter Biden probe followed string of suspicious foreign bank transfers Follow Us
Question of the Day In this Nov. 7, 2020, file photo, President-elect Joe Biden, right, embraces his son Hunter Biden, left, in Wilmington, Del. Biden’s son Hunter says he has learned from federal prosecutors that his tax affairs are under investigation. (AP Photo/Andrew Harnik, . more > By Rowan Scarborough - The Washington Times - Thursday, December 10, 2020
Hunter Biden, a son of presumptive President-elect Joseph R. Biden, capitalized on a steady influx of suspicious multimillion-dollar foreign bank transfers before the Justice Department opened a criminal investigation in 2018 into whether he dodged federal taxes.