The Senate is expected to vote as soon as today on a compromise defense spending bill that includes a key step toward ICBA-advocated relief from "beneficial ownership" disclosure mandates.
The fiscal 2021 National Defense Authorization Act—which the House passed earlier this week on a 335-78 vote—would create a Financial Crimes Enforcement Network database of company beneficial ownership information for use by law enforcement.
In a letter to House and Senate Armed Services Committee leaders last week, ICBA said the provision would deter the use of shell companies while marking a good start toward needed relief from onerous reporting requirements.
ICBA has worked closely with lawmakers to include the beneficial owner language in the defense bill as part of its push to modernize the BSA/AML regime.