Defense Bill Targets Wallets of Rogue States, Terrorists – By Jack Beyrer (Free Beacon) / Dec 10 2020
Illicit finance measure would close loophole exploited by China, Iran, cartels, and terrorists
Congress is weighing new disclosure laws to close a financial loophole that has been exploited by the United States’ enemies to fund terrorist and trafficking operations.
The National Defense Authorization Act before the Senate includes a measure that would require shell companies to identify owners and store their names in a private database. Previously, rogue states and terrorists used lax disclosure requirements to circumvent U.S. sanctions, allowing Chinese, Russian, and terror-related entities to conduct transactions within the United States and with American dollars.
The U.S. financial system is regularly ranked among the largest tax havens in the world, allowing terrorists and regimes to bankroll extensive operations at the expense of American consumers. Adversaries such as Iran, China, Russia, Hezbollah, and trafficking organizations regularly use this to their advantage to move billions of dollars in U.S. markets. Scott Greytak, advocacy director of the nonprofit Transparency International, said that new registration laws would strike a direct blow against illicit finance.
“A lot of that money that is connected to and funding authoritarian regimes is parked in the United States,” Greytak told the Washington Free Beacon. “This is something that hits every part of the economy, every part of American life.”
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