Brown-Crapo Amendment Would End Abuses by Anonymous Shell Companies, Reform U.S. Anti-Money Laundering Regime
WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement on the Crapo-Brown Amendment to the National Defense Authorization Act (NDAA). The legislation called the “Anti- Money Laundering Act of 2020,” would increase transparency in our nation’s financial system and combat the use of anonymous shell companies to commit financial crimes.
“Money laundering is never a victimless crime. It impacts all of us, fueling terrorism, corruption, fraud, human trafficking, and drug trafficking. In my home state of Ohio we’ve seen how money launderers fuel opioid use and human trafficking,” said Brown. “That’s why I urge my colleagues to include this critical bipartisan amendment in the final defense bill so that our nation has the tools it needs to strengthen our financial crimes monitoring system.”
The “Anti- Money Laundering Act of 2020” is endorsed by a broad coalition of law enforcement, national security experts, anti-corruption and transparency organizations, large and small banks and credit unions, faith groups fighting drug and human trafficking, small and large business coalitions, and many others, including the Financial Accountably & Corporate Transparency (FACT) Coalition, the National Association of Federally-Insured Credit Unions, the National District Attorney Association, The National Fraternal Order of Police, Transparency International, the Main Street Alliance, the Jubilee Network of over 750 national religious bodies and institutions, and many other organizations. Links to additional letters of support can be found here.