BPI Statement on Final Passage of Legislation to Reform the Anti-Money Laundering Framework and End Anonymous Shell Companies

Washington, D.C. — Today, BPI President and CEO Greg Baer issued the below statement following votes by the U.S. House of Representatives and U.S. Senate to override the President’s veto of the National Defense Authorization Act for FY 2021, which includes language to reform the anti-money laundering framework and end anonymous shell companies.

The provisions in this bill to end anonymous shell companies and reform our AML framework have overcome nearly every possible legislative hurdle, thanks to great work by a bipartisan group of legislators who understood the importance of reform in this area. The global law enforcement and national security community will benefit from anti-money laundering policies that stop bad actors from using shell companies to shepherd crime across international borders, and allow banks to adopt innovative measures to detect them.

Greg Baer, BPI President & CEO

Media Contact:
Sean Oblack