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Wall Street Poised for Win on Money-Laundering Bill in Lame-Duck

  • Long-sought change attached to must-pass defense funding bill
  • Measure would overhaul approach to laundering, shell companies

Photographer: Stan Honda/AFP/Getty Images

Wall Street is on the verge of a long-sought lobbying win to relax anti-money laundering requirements, as Congress moves to wrap up its work for the year.

The measure, tucked into a must-pass Defense Department spending bill, could dramatically lighten lenders’ compliance burdens by creating a business-owner database to keep illicit cash out of the financial system and bar use of anonymous shell companies to launder money. Lawmakers released a final version of the legislation on Thursday, which still needs a vote in the House and Senate before it can be signed into law by President Donald Trump.