Despite last minute support from the White House, an amendment to the National Defense Authorization Act (“NDAA”) that would have expanded the scope of the Bank Secrecy Act (“BSA”) to include certain attorneys, accountants, trust companies, and other “middlemen,” was deleted from the bill before passage by the U.S. House of Representatives this week. This legislation was intended to expand the BSA’s existing anti-money laundering provisions and was supported by a host of anti-corruption advocacy organizations. With the Senate version of the NDAA also not including the bill’s language, it is not likely to become law during this Congress.
Click here to read the full article.