As previously reported, the National Defense Authorization Act (NDAA) was passed in the U.S. Congress on 11 December 2020, which includes anti-money laundering provisions that require reporting companies to disclose information about their beneficial owners. As expected, the bill was vetoed by U.S. President Trump on 23 December 2020, with the veto overridden with a final vote in the Senate on 1 January 2020. The effective date of the new disclosure will be provided in the implementing regulations, which are to be issued by 1 January 2022 at the latest.