A group of senators from both sides of the aisle proposed legislation to require shell companies to divulge their true ownership to the U.S. Treasury Department.
If passed, the proposed legislation, titled the Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act, or ILLICIT CASH Act for short, would also update the Bank Secrecy Act to provide for greater communication and coordination between law enforcement and financial institutions in the identification of suspicious financial activities.
