The National Districts Attorneys Association published a letter endorsing the ILLICIT CASH Act (S. 2563) to bring an end to the abuse of the American financial and business sectors by anonymous shell companies. The full letter can be read below or downloaded here.
____________________
November 25, 2019
The Honorable Michael Crapo
Chairman, Committee on Banking
United States Senate
Washington, D.C. 20510
The Honorable Sherrod Brown
Ranking Member, Committee on Banking
United States Senate
Washington, D.C. 20510
Dear Chairman Crapo & Ranking Member Brown,
I am reaching out on behalf of the National District Attorneys Association (NDAA), the oldest
and largest national organization representing state and local prosecutors in the country. With
more than 5,500 members nationwide NDAA is recognized as the leading source of national
expertise on the prosecution function and is a valuable resource for the media, academia,
government, and community leaders. Today, I write in support of S. 2563, the Illicit Cash Act.
NDAA continues to support legislative efforts that provide beneficial ownership information to
state and local law enforcement agencies. The need for the collection of this ownership
information is critical to law enforcement investigations into organized transnational criminal
operations, terrorism financing and other unlawful activity. On July 12, 2018, the U.S. Secretary
of the Treasury, Steven T. Mnuchin, called on Congress to find a way to facilitate the collection
of this information “in the next six months,” and stated further, “I don’t want to be coming back
here next year and [not] have this solved.”
As end users of evidence collected throughout the investigative process, it is imperative that
prosecutors have as much information as possible in order to determine the best course of action
for prosecuting an individual or entity that has committed a crime. Beneficial ownership data
collection is vital to this effort, and law enforcement and prosecutors must have lawful access to
that information. Any approach to beneficial ownership that limits law enforcement’s access to
this data is inadequate to address the threats caused by criminal organizations operating in the
United States through shell corporations.
We appreciate your willingness to hold a hearing on this landmark issue and look forward to
working with your staff to move beneficial ownership legislation forward.
Sincerely,
Duffie Stone,
President