Biden administration crackdown on enablers of corrupt business practices


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. 
 

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About Cristina M. Paneque

Cristina Paneque's practice is focused on securities litigation. She is an associate in the firm's New York office.

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