S 2563
Illicit cash act
Illicit Cash Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Illicit Cash Act aims to strengthen U.S. efforts to combat money laundering and terrorist financing. It requires corporations to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), expands existing anti-money laundering (AML) and counter-terrorist financing (CFT) programs, and enhances coordination between law enforcement, financial regulators, and financial institutions. The bill also revises regulatory processes, addresses issues with nonprofit organizations receiving international aid, and provides the Securities and Exchange Commission with greater authority to pursue securities law violations. Finally, it updates whistleblower protections and addresses emerging technologies related to financial crime.
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Primary sponsor
Cosponsors
Doug Jones
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