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Anti-laundering bill targeting shell companies stalled in Senate as big banks caught cooking books

The Anti-Money Laundering Act would expose the owners of shell companies now sits alone on a shelf in the US Senate while the Federal Reserve shrugs its shoulders in the face of blatant manipulation by the too-big-to-fail banks.

by Raul Diego

Part 2 - Transparency is too risky

Despite the already semi-opaque structure of the current bill, members of the Senate still want more. Unlike the U.K. version, which makes the data publicly available, the U.S. version would be controlled by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and only be accessible to law enforcement agencies.

The Senate Banking Committee has, reportedly already agreed on the bill’s language and only the funding source is a question mark, at this point. It is clear that the legislation has accrued momentum and will likely pass at some point. 42 Attorney Generals have urged the federal government to pass it and in June, the U.S. Chamber of Commerce sent a letter in support to the Banking Committee.

As usual, the words sound very nice and a lot of people seem to be doing the right thing. But, history does not show a promising outcome. The measures put in place after 2008 in order to restrain the impulses of the “too-big-to-fail” financial institutions are being manipulated and, in some cases, completely ignored.

Banks like JP Morgan Chase and HSBC – two of the biggest money launderers on earth – all seem to have a gentlemen’s understanding with the Federal Reserve about how the new rules are applied.

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