Partner Jeffrey Alberts, head of Pryor Cashman's White Collar Defense & Investigations practice, was quoted in the Wall Street Journal article entitled "Experts Say ‘Beneficial Owner’ Rule Aids Anti-Kleptocracy Effort."

The article discusses the U.S. Treasury Department’s proposal requiring financial institutions to check the identity of a beneficial owner as they open accounts, in an effort to help the U.S. fight overseas corruption. Identifying a beneficial owner (anyone who owns 25% or more of the equity interest or with "significant responsibility" to control of the company) is key as many schemes involve the use of anonymous companies to hide ill-gotten gains.

"The proposed rule . . . would give law enforcement a powerful tool in investigating money laundering. This, in turn, will help the U.S. government combat criminal enterprises that rely on money laundering to function, including terrorist organizations, kleptocrats and drug traffickers," said Alberts.

To read the article in its entirety, please click here.