A draft bill in the US Senate designed to toughen anti-money laundering laws could lead to a dangerous duplication of effort in the fight against financial crime, experts warn.

The Illicit Cash Act aims to stem the flow of dirty money by forcing US financial institutions to share information on shell companies and help authorities trace beneficial ownership.

The bill, sponsored by senator Mark Warner, pushes banks to update their anti-money laundering (AML) systems to make greater use of

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