U.S. ANTI-MONEY-LAUNDERING_ U.S. Anti-Money-Laundering Chief Calls for Beneficial Ownership Registry

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U.S. Anti-Money-Laundering Chief Calls for Beneficial Ownership Registry

Lack of business-ownership information creates a ‘dangerous and widening gap’ in the national security apparatus, Treasury official says



Kenneth Blanco, the head of Treasury’s Financial Crimes Enforcement Network, shown at left in 2017, spoke Tuesday about the dangers of shell companies. Photo: aaron p. bernstein/Reuters



By Dylan Tokar
Dec. 10, 2019 7:53 pm ET


WASHINGTON—A lack of information about who owns and controls businesses incorporated in the U.S. is creating a “dangerous and widening gap” in the country’s national security apparatus, the director of Treasury’s anti-money-laundering watchdog said.

“Criminals thrive when they have somewhere to hide,” Kenneth Blanco, the head of Treasury’s Financial Crimes Enforcement Network, said Tuesday at a conference on financial crime enforcement hosted by the American Bankers Association and the American Bar Association. “And the secrecy behind shell companies—businesses that exist only on paper—is a clear and present danger.”

Treasury officials, including Mr. Blanco, have previously endorsed the creation of a beneficial ownership registry, which would give law-enforcement officials and banks access to information on who owns companies incorporated in the U.S.

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READ MORE: https://www.wsj.com/articles/u-s-anti-money-laundering-chief-calls-for-beneficial-ownership-registry-11576025601?mod=hp_minor_pos11


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