Compliance scrutiny on cross-border transactions that may conceal illegal contributions by foreign nationals to U.S. political campaigns, candidates and causes would further increase under a pair of recent bills, say sources. On May 23, a group of three Democratic and two Republican senators pitched legislation that would mandate criminal penalties against persons who help form corporations, limited liability companies and other legal entities subsequently used to enable illegal political spending in the United States. The Shell Company Abuse Act, sponsored by Senators Sheldon Whitehouse (D-RI) and Charles Grassley (R-IA), prescribes maximum 5-year jail terms and fines against any “owner, officer,...
U.S. compliance officers are seeking to unearth any links their institutions may have with New York attorney Michael Cohen following reports that he illegally paid an adult film actress to not discuss her alleged affair with a high-profile client, U.S. President Donald Trump, say sources.
The Oct. 27 indictment of Paul Manafort, U.S. President Donald Trump’s former campaign chief, perhaps represents the most significant development to date in the federal investigation into Russia’s alleged interference in the 2016 election.
According to a press release, Senators Sheldon Whitehouse (D-RI), Charles Grassley (R-IA), Richard Blumenthal (D-CT), Lindsey Graham (R-SC) and Dick Durbin (D-IL) introduced the Shell Company Abuse Act, designed to crack down on illegal election spending by foreign nationals using shell companies.
Senators Sheldon Whitehouse (D-RI), Richard Blumenthal (D-CT) and Dick Durbin (D-IL) introduced the Stop Secret Foreign Interference in Elections Act, which would require certain nonprofit organizations to disclose foreign donors if they engage in political spending.
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