Congress’ Ban on Shell Companies Is a Game-Changer Against Graft

Speaker of the House Nancy Pelosi briefs reporters on Capitol Hill, in Washington, Nov. 13, 2020 (AP photo by J. Scott Applewhite).
Speaker of the House Nancy Pelosi briefs reporters on Capitol Hill, in Washington, Nov. 13, 2020 (AP photo by J. Scott Applewhite).
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Buried within the annual National Defense Authorization Act that overwhelmingly passed Congress this month is a measure that will strengthen American anti-money laundering and anti-corruption rules. Most notably, the NDAA, as the bill is known, will require the Treasury Department to begin collecting beneficial ownership information on companies registered in the U.S., effectively banning anonymously owned companies, including shell companies that are often used as fronts for dirty money. Assuming Congress overrides President Donald Trump’s threatened veto of the law, as expected, this is a game-changer for global efforts to fight graft. The U.S. has long lagged behind other countries […]

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