Miller Wenhold Vice President Mitchell Moonier Quoted on Anti-Money Laundering Reform
September 24, 2020, JCK
This week, the International Consortium of Investigative Journalists (ICIJ) announced it had received a massive leak of thousands of suspicious activity reports (SARs) submitted to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
Mitch Moonier, vice president of Miller/Wenhold Capitol Strategies, a Washington, D.C., consultancy that specializes in financial issues, notes that the two ranking members of the Senate Banking Committee have introduced the Anti-Money Laundering Act of 2020, bipartisan legislation that would require dealers in “precious metals, stones, and jewels” to conduct due diligence on foreign sellers, not associate with a foreign account that lacks a physical presence in any country (i.e., a shell company), and abide by other money-laundering rules.
While the act did not pass Congress, the bipartisan push behind it is “significant” and shows the direction new AML rules could take, Moonier says.
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