On January 1, 2021, Congress overrode President Trump’s veto to pass the Anti-Money Laundering Act of 2020 (“AMLA”), as part of the National Defense Authorization Act of 2021 (“NDAA”). Public Law 116-283, Division F §§ 6001–6511. The multifaceted law is designed to increase transparency in the U.S. financial system and inhibit the use of anonymous shell companies to commit financial crimes. The breadth of AMLA makes it the most significant revision of U.S. anti-money laundering and combating financing of terrorism (“AML/CFT”) laws since the USA PATRIOT Act of 2001.
This Legal Backgrounder provides an overview of AMLA’s purpose, including the problems the law is meant to address. It then highlights several of the most significant changes made by the law.
Click here to read the full article.