To embed, copy and paste the code into your website or blog: On December 2, 2020, the ‘‘William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021’’ was passed by the U.S. House of Representatives. The Act includes DIVISION F (ANTI-MONEY LAUNDERING). This Division is cited as the ‘‘Anti-Money Laundering Act of 2020’’.
Of significance is the legislative requirement that Corporations and Limited Liability Companies disclose to law enforcement, financial institutions, and the U.S Treasury, the ultimate beneficial owner (UBO) that owns and controls an entity. The purpose of the AML Act of 2020 is: to improve coordination and information sharing among the agencies tasked with administering anti-money laundering and countering the financing of terrorism requirements, the agencies that examine financial institutions for compliance with those requirements, Federal law enforcement agencies, national security agencies, the intelligence community, and financial institutions;