Ahead of the House Financial Services Committee markup today, ABA joined eight other financial trade organizations in support of Rep. Carolyn Maloney’s (D-N.Y.) bill (H.R. 2513) to counter the use of shell corporations to move illicit funds. The bill directs the Financial Crimes Enforcement Network to create a national database of beneficial ownership information.
“We believe H.R. 2513 strikes the right balance between imposing minimal requirements on small businesses while providing critical information to law enforcement and financial institutions performing due diligence,” the groups said. “We believe this legislation will provide clarity and consistency in implementation to help streamline the due diligence process while providing law enforcement with the key information needed to pursue illicit financial activities.”