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US passes ‘historic’ anti-corruption law that effectively bans anonymous shell companies

Summary:
The new law prevents criminals from hiding money in US banks"It's difficult to overstate the importance of today's legislation,” he told The Independent, describing it as “the most significant anti-money laundering move the US has taken in decades, and potentially ever.”“Oligarchs and kleptocrats, gun-runners and cartel heads, wildlife poachers and human traffickers — anyone with a bit of dirty money burning holes in their pocket, really — can no longer turn to American shell companies for their money laundering needs,” he addedThe Independent US passes ‘historic’ anti-corruption law that effectively bans anonymous shell companiesell-companies

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 The new law prevents criminals from hiding money in US banks


"It's difficult to overstate the importance of today's legislation,” he told The Independent, describing it as “the most significant anti-money laundering move the US has taken in decades, and potentially ever.”

“Oligarchs and kleptocrats, gun-runners and cartel heads, wildlife poachers and human traffickers — anyone with a bit of dirty money burning holes in their pocket, really — can no longer turn to American shell companies for their money laundering needs,” he added

The Independent 

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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