Corporate Transparency Act of 2019 a Critical Measure to Combat Corruption, Sanctions Evasion, Money Laundering, and Human Trafficking
WASHINGTON, D.C. — A bipartisan group of lawmakers introduced legislation on Friday addressing the largest vulnerability in the nation’s anti-money laundering framework, according to the Financial Accountability and Corporate Transparency (FACT) Coalition, a non-partisan alliance of more than 100 state, national, and international organizations promoting policies to combat the harmful impacts of corrupt financial practices.
Sponsored by Representatives Carolyn B. Maloney (D-NY), Peter King (R-NY), and Tom Malinowski (D-NJ), the Corporate Transparency Act of 2019 (H.R. 2513) would require that the true owners of U.S. companies be disclosed at the time of formation and the information be updated whenever it changes. In addition to the FACT Coalition, the measure has widespread support from national security experts, police and prosecutors, the financial services industry, large multinational enterprises, small business organizations, human rights advocates and anti-human trafficking groups, faith-based organizations, and scholars from across the political spectrum.
Gary Kalman, the executive director of the FACT Coalition, issued the following statement:
“The criminal and the corrupt use anonymous companies to escape accountability. Drug cartels use the secrecy to fuel the opioid epidemic, human traffickers to entrap women and children, rogue nations to evade sanctions, and corrupt foreign leaders to threaten our national security. The Corporate Transparency Act will provide a critically important tool to protect communities and the nation from those who would do us harm.”
Notes to Editors:
- Click here to read an online version of this press release on our website.
- Click here to read a press release about the bill from Rep. Carolyn Maloney.
- Click here for a relatively up-to-date list of endorsements for ending anonymous companies.
Deputy Director, The FACT Coalition
+1 202 810-1334