Thread by @NateSibley

At 2PM today, the House Financial Services Committee will begin discussing legislation to end anonymous US companies, strengthen the Bank Secrecy Act #AML regime, and reward whistleblowers in transnational kleptocracy cases.

Read more/watch live here: financialservices.house.gov/calendar/event…

Tomorrow @HudsonInstitute, join @FranklinFoer @elisejosanbean and KI to discuss the US economy’s systemic vulnerability to dirty money from authoritarian regimes. Why it’s poisoning capitalism, and how upcoming legislation could help turn the tide! hudson.org/events/1664-am…

HFSC witness Dennis Lormel, a former FBI agent, highlights the ubiquity of anonymous shell companies in transnational kleptocracy cases.

Another witness, Jacob Cohen, explains the importance of empowering FinCEN with innovation tools and more resources

Third witness Amit Sharma offers possible solutions to the very real threat of excessive de-risking - when financial institutions refuse access to legitimate customers because they’re judged too much of an anti-money laundering risk.

Final HFSC witness @DrShiffman explores the central role of AI in strengthening anti-money laundering defenses.

All HFSC witnesses agree that the current US anti-money laundering regime is critically outdated and needs updating and strengthening as a matter of urgency.

They highlighted different areas: More resources, ending anonymous companies, preventing de-risking, and embracing AI.

Good to see Russian Laundromat make an appearance on-screen at the HFSC hearing on ending anonymous companies and strengthening AML. (cc @OCCRP)

A reminder that this is, first and foremost, a national security threat — one that America’s authoritarian adversaries are exploiting.

.@RepAGonzalez highlights the key role of anonymous shell companies and Chinese organized crime in fueling the fentanyl crisis, which has taken more lives in his home state of Ohio than the Vietnam war.

At House Financial Services Committee hearing on corporate transparency, Dennis Lormel, former FBI agent, explains how anonymous shell companies played a central role in the multi-billion dollar looting of Malaysian development fund #1MDB (cc @bradleyhope @TomWrightAsia)