The Biden administration has introduced a plan to impose harsher penalties on attorneys and other advisors, such as accountants, who enable or illicit criminal activity.
The administration released a report on December 6, 2021, indicating that it would prioritize these anti-corruption efforts. The efforts focus on tackling enablers of financial crimes such as money laundering. In its report, the administration also mentions it intends to expand and refine regulations to cover those who use cryptocurrencies to evade compliance and SEC jurisdiction.
The report also discusses recent legislation enacted to further these ends. For example, the National Defense Authorization Act (2021) includes the Anti-Money Laundering Act of 2020 and the Corporate Transparency Act. These acts will require corporations, LLCs and similar entities to disclose additional information about their beneficial owners, thus preventing shell corporations from laundering money.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP focuses on complex civil litigation, including securities, antitrust, wage and hour, personal injury and consumer class actions as well as shareholder derivative and merger and transactional litigation. The firm is headquartered in New York, and maintains offices in California, Georgia and Pennsylvania.
Since its founding in 1995, Faruqi & Faruqi, LLP has served as lead or co-lead counsel in numerous high-profile cases which ultimately provided significant recoveries to investors, direct purchasers, consumers and employees.
To schedule a free consultation with our attorneys and to learn more about your legal rights, call our offices today at (877) 247-4292 or (212) 983-9330.
About Cristina M. Paneque
Cristina Paneque's practice is focused on securities litigation. She is an associate in the firm's New York office.
Cristina M. Paneque
Associate at Faruqi & Faruqi, LLP
New York office
Tel: (212) 983-9330
Fax: (212) 983-9331