Reported by the FACT Coalition

The Financial Accountability and Corporate Transparency (FACT) Coalition applauds today’s announcement by Jake Sullivan, National Security Advisor to the President, of the Biden Administration’s “full support” for the Establishing New Authorities for Business Laundering and Enabling Risks to Security (ENABLERS) Act. The ENABLERS Act would close dangerous loopholes in the U.S. anti-money laundering framework by empowering Treasury to require those that form companies, administer trusts, or manage money for a third party – such as accountants, lawyers, investment advisors, and other non-bank financial service providers that act as gatekeepers to the U.S. financial system – to adopt basic anti-money laundering protocols under the Bank Secrecy Act.

The White House’s announcement of support for the bill was made during remarks by Sullivan at the opening ceremony of the 2022 International Anti-Corruption Conference (IACC), an annual conference bringing together thousands of stakeholders from around the world dedicated to the fight against global corruption.

Read full report: https://thefactcoalition.org/white-house-announces-full-support-for-critical-bipartisan-anti-money-laundering-reform-bill-at-anti-corruption-conference/