Letter Supporting Anti-Money Laundering (AML) Reform Provisions in National Defense Authorization Act

by Samantha Pelosi | Jul 21, 2020
On July 20, BAFT, along with the ABA and others, urged House Armed Services Committee leaders to include key AML provisions in the 2021 NDAA.
BAFT along with nine other trade associations had urged House Armed Services Committee leaders to include key anti-money laundering provisions in National Defense Authorization Act (NDAA). The provisions would direct the Financial Crimes Enforcement Network to establish and maintain a registry of beneficial ownership information and also modernize Treasury authorities and certain anti-money laundering requirements.

The groups noted that these provisions will “assist in preventing money laundering, human trafficking, drug smuggling, terrorism financing, fraud and other illicit activity.” These provisions passed the House with a bipartisan majority in a standalone bill last year.

To view the joint letter, visit our Library of Documents under the Comment Letters section.