December 03, 2020

Brown Hails Inclusion of the Anti-Money Laundering Act and Corporate Transparency Act in NDAA Conference Report

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement hailing the inclusion of historic comprehensive anti-money laundering and corporate transparency reforms into the final version of the National Defense Authorization Act (NDAA), soon to be voted on in the House and Senate:

“We need to strengthen, reform, and update our nation’s anti-money laundering laws, and put an end to abuses by criminals of anonymous shell companies--these reforms are long overdue,” said Senator Brown. “Money laundering is not a victimless crime, it hurts workers, families, and many others. That’s why including a version of my bill, developed with Chairman Crapo, and Representatives Waters and McHenry in the final conference report on the NDAA is a major victory for transparency. Updating and strengthening our money laundering and corporate transparency laws and insisting on tighter enforcement will finally provide for a 21st-century system to combat money laundering-related financial crimes, estimated by Treasury to generate about $300 billion per year in illicit proceeds."