(WASHINGTON, D.C.) January 2 — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – today hailed the Senate’s overwhelming 81-13 vote to override President Trump’s veto of the National Defense Authorization Act (NDAA), which included Brown’s historic comprehensive anti-money laundering and corporate transparency reforms.
“This veto override is the final step by Congress to enact this landmark measure; now incoming Biden Administration officials must work to implement these long overdue anti-money laundering and corporate transparency reforms. I have been consulting with Treasury transition officials, whose planning to implement this law is already underway. The Anti-Money Laundering Act and the Corporate Transparency Act will provide new tools to crack down on opioid and human traffickers, terrorists, weapons dealers, and others who use anonymous shell companies to launder the proceeds of their crimes, and on big banks that enable criminals or have lax anti-money laundering compliance programs. We know that criminals have long been adjusting their tactics to get around our laws. This new law will finally enable us to get ahead of them, and stay ahead of them.”
Brown added, “I am glad that overwhelming bipartisan majorities in the House and Senate voted for this vital legislation so that our federal, state, and local officials will finally have the modern tools they need to better protect our communities and bring these criminals to justice.”
This new law is the product of years of bipartisan negotiations and will help fight corruption and protect our communities from money laundering, opioid, and human trafficking, terrorism, fraud, and other crimes. It requires expanded reporting to Congress on banks that abuse prosecution agreements with DOJ, provides for greater information exchange with law enforcement so that responsible banks can better track and report suspicious activity, and bolsters penalties on bankers who violate the law. Brown has long fought for these reforms and helped secure these provisions in the House-Senate NDAA conference report which has now become law.