Twelve trade associations recently wrote to the House Financial Services Committee to express their support for the Counter Terrorism and Illicit Finance Act introduced by Reps. Steven Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.).
The letter said the associations believe the bill will modernize anti-money laundering (AML) and help prevent the use of shell companies to launder money.
Read on for more about how the bill addresses industry concerns over the disclosure of ownership.
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