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June 10, 2019

Senator Doug Jones, Colleagues Unveil Draft Bipartisan Legislation To Combat Terrorism and Money Laundering and Improve Corporate Transparency

Draft legislation would require shell company transparency and strengthen decades-old laws to better combat money laundering and terrorism financing

WASHINGTON – Senator Doug Jones (D-Ala.), alongside his Senate Banking Committee colleagues Mark Warner (D-Va.), Tom Cotton (R-Ark.), and Mike Rounds (R-S.D.), today unveiled draft bipartisan legislation to improve corporate transparency, strengthen national security, and help law enforcement combat illicit financial activity being carried out by terrorists, drug and human traffickers, and other criminals. 

“As a former U.S. Attorney, I am all too familiar with criminals hiding behind shell corporations to enable their illegal behavior. At the same time, our anti-money laundering laws have not kept pace with the increasingly sophisticated means by which criminals and terrorist organizations use our financial system to move their money around the world. This bipartisan legislation addresses both challenges and gives law enforcement the tools they need to protect Americans and prosecute criminals,” said Senator Jones.

The Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings (ILLICIT CASH) Act would, for the first time, require shell companies — often used as fronts for criminal activity — to disclose their true owners to the U.S. Department of Treasury. It would also update decades-old anti-money laundering policies and combat the financing of terrorism by giving Treasury and law enforcement the tools they need to fight criminal networks. This includes improving overall communication between law enforcement, financial institutions, and regulators, and facilitating the adoption of critical 21st century technologies. 

For an in-depth look at this bill, click here. The full text of the bill is available here.  

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