Bill Would Add To Those Required To Report Suspect Dealings

By Kevin Pinner (July 20, 2022, 6:14 PM EDT) — U.S. efforts to prevent money laundering would be greatly expanded to include individual financial advisers, attorneys and accountants in the definition of financial institutions under a provision tucked into the 2023 National Defense Authorization Act, politicians, lawyers and experts say.

The defense spending bill, which passed the U.S. House of Representatives on Thursday, would require those individuals to tell the federal government about suspicious transactions. Section 5401 of H.R. 7900, which passed the House 329-101, would be the most significant U.S. anti-money-laundering reform in decades and would force attorneys, financial advisers and accountants to conduct stronger due diligence, Rep. Tom Malinowski, D-N.J., told…

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