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Money Laundering Overhaul
This June 6 photo shows the U.S. Treasury Department building at dusk in Washington. The Corporate Transparency Act, enacted into law on Jan. 1, seeks to strengthen controls by creating a registry managed by the Treasury Department that will contain the names of the true owners of both domestically-created shell companies as well as foreign ones conducting business in the U.S. (AP Photo: Patrick Semansky)

New law cracks down on shell companies to combat corruption

The new legislation quietly passed by Congress last month after a decade-long fight is the most sweeping banking reform of its kind since passage of the Patriot Act.

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