US shell-company registry might not halt dirty money, experts warn

Observers raise questions over verifying beneficial owner info on proposed FinCEN database

Money-laundering

A key plank of US anti-money laundering law, which calls for the US Treasury’s financial intelligence unit to set up a centralised registry of corporations, may have limited effectiveness in combatting financial crime, banking experts say.

The registry is part of the US government’s recent push to overhaul its rules on money laundering, amid widespread acceptance that the country’s financial crime laws lag other countries, especially in collecting beneficial ownership data.

While a registry

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