New Law Cracks Down on Shell Companies to Combat Corruption
MIAMI (AP) — A watershed reform of U.S. money laundering laws could allow investigators to uncover the proceeds of foreign bribery, drug trafficking and terrorism in just a few keystrokes.
The new law quietly passed by Congress last month after a decade-long fight for the first time requires shell companies to provide the names of their owners at risk of stiff penalties and jail time.
The information will be stored in a confidential database accessible to federal law enforcement and shared with banks who are often unwitting accomplices to international corruption.
The Corporate Transparency Act also dramatically expands awards for whistleblowers.
Enter your number to get our free mobile app
LOOK: Historical Wyoming License Plates Since 1914