U.S. lawmakers Wednesday pledged a potentially broad overhaul of U.S. anti-money laundering rules and considered draft legislation that would require corporate and legal entities to identify their beneficial owners.
Competing U.S. proposals that would require companies to disclose their beneficial owners have gained unprecedented momentum in recent months, with no signs of a consolidated measure in sight.
Despite an ongoing push for greater financial transparency, few EU nations have signaled a willingness to require corporations and trusts to identify their owners, a nongovernmental group said in a report.
Compliance with beneficial ownership standards will be one of the top priorities for Financial Action Task Force examiners during the group's next round of jurisdictional reviews, a U.S. official said Tuesday.
The U.S. Treasury Department said Wednesday that it was considering imposing customer due diligence currently applied to private banking and correspondent accounts to all accountholders at depository institutions.
The chairman of the U.S. Senate's Permanent Subcommittee on Investigations will reintroduce a measure that would require company formation agents to record beneficial ownership data, a government official said Tuesday.
The head of a powerful U.S. Senate panel is pushing to include new corporate transparency measures as part of broader financial reform legislation, according to former and current staffers.