Washington, D.C. — Today, the Bank Policy Institute commended House passage of the Corporate Transparency Act of 2019 (HR 2513) and the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 (HR 2514). The Corporate Transparency Act would prohibit anonymous shell companies, which are used by criminals to hide assets for a range of dangerous and illicit activities, including human trafficking, terrorist financing, money laundering and corruption by foreign governments. The Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act would strengthen and modernize the AML regulatory regime, including a focus on technology and increased feedback between regulators, law enforcement and financial institutions.
“Criminals have long exploited loopholes in our financial system that easily facilitate human trafficking, terrorist financing and drug smuggling,” said BPI President and CEO Greg Baer. “Reform of AML and shell company laws would allow banks and their partners in law enforcement to better detect illegal activities. Today’s House passage makes it clear that momentum is building to finally make these commonsense fixes. We look forward to continuing to engage members of the Senate as they work to advance their bipartisan legislative effort.”
BPI has long supported legislative efforts to end anonymous shell companies and modernize the anti-money laundering regime. To review additional BPI resources on the issues, please visit www.EndAnonymousShellCompanies.com.
About the Bank Policy Institute. The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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