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US AML Legislation’s Chances Dim After Omission from Larger, Must-Pass Bill

A proposal to extend U.S. anti-money laundering requirements to lawyers and accountants has been excluded from a draft of an annual defense-spending bill, the National Defense Authorization Act, or NDAA, reducing its chances of passing this year.

A 4,408-page draft of the NDAA published late Tuesday by the House Rules Committee did not include any provisions of the Establishing New Authorities for Businesses Laundering and Enabling Risks to Security Act, or Enablers Act, which would require attorneys and other gatekeeping professions to vet their clients for AML purposes and flag suspicious transactions.

The Enablers Act passed the House in July as part of an earlier version of the NDAA but the Senate declined to vote, a decision that made inclusion of the AML provisions in Tuesday’s draft of the broader, mandatory-pass legislation all the more critical.

“There is still technically an opportunity for Enablers to be included in the final bill,” said Gary Kalman, director of Transparency International, a global advocacy group that supports the legislation. “Obviously, it is less certain.” may update this coverage as more information becomes available.
Topics : Anti-money laundering
Source: U.S.: Congress
Document Date: December 7, 2022