On Friday, the US Senate overrode President Donald Trump's veto on the National Defense Authorization Act (NDAA). The US House of Representatives had similarly voted earlier to override his veto. As such, this historic anti-corruption legislation ending anonymous companies in the United States passed by both Chambers of Congress is now law.
Illicit trade, which includes a convergence of numerous trafficking, smuggling, financial and cyber crimes, fuels a multi-trillion-dollar illegal economy globally every year. While the COVID-19 pandemic has brought economic malaise to most sectors, the illicit economy is booming. This is especially true across e-commerce marketplaces that are generating tremendous prosperity for scammers, fraudsters, kleptocrats, organized criminals, terrorists, and other threat networks. As criminal entrepreneurs profit from American creativity and innovation, they need ways to launder their new-found wealth.
Fortunately, the newly-enacted law will attack a critical vulnerability of this illicit economy: anonymous shell companies. This will level the playing field for many legitimate businesses and industries across the country that get harmed, for example, by counterfeiters and ..
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