Both houses of the US Congress have voted through a law compelling US companies and limited liability partnerships (LLPs) to disclose their beneficial owners holding 25 per cent or more of the shares or voting rights, or those who exercise substantial control over the entity, to a non-public register.

Widely seen as the biggest anti-money laundering (AML) reform in the US since the Patriot Act in 2001, the law – the Corporate Transparency Act, part of the larger National Defence Authorisation Act – has now been sent for presidential approval by a veto-proof majority.

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