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On January 1, 2021, the Senate voted to override the president’s veto and to enact the National Defense Authorization Act for Fiscal Year 2021 (the “NDAA”)[1]. Incorporated into the NDAA, the Anti-Money Laundering Act (“AMLA”) sets into motion the most comprehensive reform to the Bank Secrecy Act (“BSA”) in nearly two decades. The new landscape will feature:
Heightened enforcement capabilities for the U.S. Departments of Treasury and Justice to investigate and prosecute money laundering crimes;
New corporate transparency requirements for entities to disclose the identity of their beneficial owners; and
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The U.S. is passing the most comprehensive set of reforms to the AML/CFT laws since the USA PATRIOT Act of 2001 coupled with proposed regulations and a notice.
Companies House reforms could cut filing deadlines 25 January 2021: The proposed reform of Companies House powers is inching forward, which could see the introduction of mandatory digital filing, a reduction in the number of filing options available to the smallest companies and filing deadlines shortened to as little as three months.
Building on measures announced in September 2020, BEIS launched three further public consultations exploring the role and power of Companies House in December.
ICAEW has engaged with BEIS throughout this process and is a member of its working group, providing input on its initiative to transform Companies House. We will be responding to BEIS’s consultations, with input from expert committees and other groups.
The National Defense Authorization Act for 2021 was enacted on January 1, 2021. While this Bill appears to apply only to the Defense Department, Division F deals with money laundering.