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Senior Biden Administration Official Endorses Enablers Act

U.S. National Security Advisor Jake Sullivan urged Congress to pass legislation that would impose due diligence requirements on lawyers, accountants and other professionals in remarks delivered Tuesday at the International Anti-Corruption Conference in Washington, D.C.

Federal lawmakers are considering including the Establishing New Authorities for Businesses Laundering and Enabling Risks to Security Act, or Enablers Act, in the National Defense Authorization Act, two years after they folded new beneficial-ownership rules and other anti-financial crime proposals into an earlier version of the annual, must-pass defense-spending bill.

The bipartisan legislation would amend the Bank Secrecy Act to require various types of “gatekeeping” professions to vet clients and report suspicious transactions to the federal government, potentially closing major loopholes in the U.S. anti-money laundering framework.

Sullivan told attendees of the conference Tuesday that the White House “fully supports” passage of the Enablers Act. “We encourage Congress to enact it into law as soon as possible, and we will work with you to get that done,” he said.

Moneylaundering.com may update this coverage as more information becomes available.
Topics : Anti-money laundering
Source: U.S.: Congress , U.S.: White House/U.S. President
Document Date: December 6, 2022