Clifford Chance

New Targeted AML Reforms - Almost, Maybe?

August 10, 2020

In October 2019, the US House of Representatives passed legislation entitled the Corporate Transparency Act of 2019, H.R. 2513, about which Clifford Chance wrote here. The Act would have required corporations and limited liability companies organized under the laws of any US state to disclose their true beneficial owners at the time of formation, as well as on an annual basis, in an effort to prevent the use of anonymous shell companies for illicit purposes. After passing the House, the Act was received in the US Senate and referred to the Committee on Banking, Housing, and Urban Affairs, and thereafter stalled. 

However, on July 21, 2020, the US House of Representatives again passed the Act, but this time as an amendment to the yearly National Defense Authorization Act.

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