Lawmakers Introducing Legislation Targeting Enablers of International Corruption After Pandora Papers Findings

Contact Your Elected Officials
The Epoch Times Header

A bipartisan group of lawmakers is set to introduce new legislation aimed at stopping enablers of international corruption in response to the findings highlighted in the Pandora Papers investigation.

The Establishing New Authorities for Business Laundering and Enabling Risks to Security (ENABLERS) Act would make it harder for “kleptocrats” across the globe to launder money in the United States, according to Reps. Tom Malinowski (D-N.J.), Maria Elvira Salazar (R-Fla.), Steve Cohen (D-Tenn.), and Joe Wilson (R-S.C.).

The bill (pdf) would amend the 51-year-old Bank Secrecy Act by enabling the Treasury Department to impose stronger due diligence requirements on the source of funds for investment advisers, art dealers, attorneys involved in financial activity, company service providers, accountants, PR firms, and third-party payment providers.

Such a due diligence requirement could be something as simple as asking if suspicious funds are the proceeds from a crime.

It would also remove an exemption that has been in place since 2002 that means real-estate professionals, sellers of luxury cars, ships, and aircraft do not have to have anti-money laundering programs in place.

In a joint statement issued on Oct. 6, lawmakers said the act would “ensure that the United States never again facilitates the corruption and dictatorship we claim to oppose by giving kleptocrats and criminals a safe haven for the money they steal from their people.”

“In turn, it would protect Americans from inflated real estate prices, job loss, human trafficking, and influence peddling” they added.

The bill will likely be introduced on Friday and, if passed, the Treasury Department would have until Dec. 31, 2023 to ensure it has imposed stronger due diligence requirements. All enablers subject to the amendment must also have programs in place by June 30, 2024, regardless of whether or not Treasury has publicly declared the rule.

However, it is likely to face opposition from the multiple industries it affects.

In Thursday’s statement, Lawmakers pointed to the recent Pandora Papers, which highlighted how world leaders, powerful politicians, billionaires, and others have used offshore accounts to shield assets collectively worth trillions of dollars over the past quarter-century.

By Katabella Roberts

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Democrats are Losing by Pushing Their Dirty CR Bill

Talk is going around about the “Democrats Dirty CR” and the “Republicans Clean CR”.

NCAA streamlines transfer portal

The NCAA lords of the Division I Administrative Committee have unveiled a fresh batch of transfer portal reforms.

Section 230 Immunity, Defective Design and Trial Lawyers (Part 2)

Congress granted social media platforms Section 230 immunity even when children are harmed, trial lawyers found a way to bypass protection.

A Tale Of Two Political Parties

While the GOP, led by Trump, has produced results, Democrats offer horrible policies and candidates, presenting a vivid contrast to the American people. 

The Case for Western Islam

The suggestion of a expression of Islam which emerges from western culture is one that comes from a place of love.

Democrats are Losing by Pushing Their Dirty CR Bill

Talk is going around about the “Democrats Dirty CR” and the “Republicans Clean CR”.

Biden Undergoing Radiation, Hormone Treatment for Prostate Cancer

Former President Biden has begun receiving a combination of radiation and hormone treatments for prostate cancer, spokesperson announced.

Homan Says DOJ Probing Funding Behind ‘Organized’ Attacks on ICE

Border czar, Homan said DOJ launched an investigation into funding for what he called “organized” attacks on federal immigration enforcement agents.

There Are No Survivors in the Blast at a Tennessee Explosives Factory, Sheriff Says

The blast in rural Tennessee that leveled an explosives plant and was felt for miles around left no survivors, authorities said Saturday

Trump Names Longtime Adviser Dan Scavino to Key Personnel Position

One of President Trump’s longtime advisers, Dan Scavino, is going to be in charge of selecting and appointing key positions within the executive branch.

First Lady’s Effort Helped Reunite 8 War-Displaced Children With Their Families

First lady Melania Trump said 8 children impacted by the fighting between Ukraine and Russia were reunited with their families on Oct. 9.

Trump to Impose New 100 Percent Tariff on China on Nov. 1

President Trump said that the US will impose an additional 100 percent tariffs on Chinese goods and export controls on critical software starting on Nov. 1.

Trump Admin Agrees to $20 Billion Rescue Plan for Argentina

The U.S. government has finalized a $20 billion economic rescue plan for Argentina, Treasury Secretary Scott Bessent announced on Oct. 9.
spot_img

Related Articles

Popular Categories

MAGA Business Central