House panel approves expanding anti-money laundering reporting requirements
House panel approves expanding anti-money laundering reporting requirements
A bipartisan group of lawmakers cleared a major hurdle this week to advance what they call the most significant revision to America’s anti-money laundering laws in 20 years.The bill, called the Enablers Act, amends the 52-year-old Bank Secrecy Act to require for the first time that trust companies, lawyers, art dealers and others investigate clients seeking to move money and assets into the American financial system. Those covered by the law, who include financial advisers and art and antiquities traders, would also be required to report suspicious activity to the Treasury Department. Real estate transactions would not be covered by the law, however.