FACT Coalition Held a Press Call with Senator Brown As Historic Passage of Bipartisan Bill Banning Anonymous Shell Companies Nears

Legislation Passed House of Representatives Tuesday with Veto-Proof 335-78 Margin; Likely to Pass Senate Thursday

Scroll down for the full video of the press conference.

Capping a fight spanning more than a decade, the Financial Accountability and Corporate Transparency (FACT) Coalition held a press call to discuss the expected passage of the Corporate Transparency Act (CTA), bipartisan legislation to ban the use of anonymous shell companies in the United States. The CTA is expected to pass the Senate Thursday as part of the annual defense spending bill. The legislation passed the House Tuesday with a veto-proof, bipartisan margin of 335-78.

The Corporate Transparency Act would require companies to disclose their true, beneficial owners at the time the company is formed to prevent bad actors from using anonymous shell companies to thwart law enforcement and hide their illicit activities. This landmark transparency reform will improve the nation’s anti-money laundering rules, protect American communities from the harms caused by criminal and corrupt activity, and ensure the integrity of the nation’s financial system.

WHO:

U.S. Senator Sherrod Brown (D-OH), Ranking Member, Senate Banking and Housing Committee
Ian Gary, Executive Director, FACT Coalition
Clark Gascoigne, Senior Policy Advisor, FACT Coalition
Gary Kalman, Director, Transparency International U.S. Office
Lakshmi Kumar, Policy Director, Global Financial Integrity
Frank Russo, Director of Government and Legislative Affairs, National District Attorneys Association

WHAT: Press call ahead of expected Senate passage of the Corporate Transparency Act, included in the 2021 NDAA

Support for beneficial ownership transparency is widespread, crossing parties, industries and the ideological spectrum, encapsulating a coalition including the national security community, police and prosecutors, the U.S. Chamber of Commerce, banks and credit unions, CEOs, the real estate sector, large businesses, small business owners, faith groups, anti-human trafficking groups, human rights organizations, global development NGOs, anti-corruption advocates, labor unions, and conservative and liberal think tanks.