A bipartisan group of lawmakers is set to introduce new legislation aimed at stopping enablers of international corruption in response to the findings highlighted in the Pandora Papers investigation. The Establishing New Authorities for Business Laundering and Enabling Risks to Security (ENABLERS) Act would make it harder for “kleptocrats” across the globe to launder money in the United States, according to Reps. Tom Malinowski (D-N.J.), Maria Elvira Salazar (R-Fla.), Steve Cohen (D-Tenn.), and Joe Wilson (R-S.C.). The bill (pdf) would amend the 51-year-old Bank Secrecy Act by enabling the Treasury Department to impose stronger due diligence requirements on the source of funds for investment advisers, art dealers, attorneys involved in financial activity, company service providers, accountants, PR firms, and third-party payment providers. Such a due diligence requirement could be something as simple as asking if suspicious funds are the proceeds from a crime. It would also remove an exemption that has been in place since 2002 …
RSS Feed | The Epoch Times