Ownership Transparency

The U.S. is the easiest place in the world for a criminal, terrorist, tax cheat, or kleptocrat to open an anonymous shell company to launder their money with impunity. Anonymous corporations are great ways to hide money and other assets — they can hold a bank account or buy a yacht. Criminals often layer anonymous corporations, with one owning another and so on, making it even harder for law enforcement to “trace the money” and figure out who is directing the company’s activity. It’s time to ending the use of anonymous shell companies as vehicles for illicit activity by requiring that the true owners of U.S. companies be disclosed at the time of formation and updated upon any change.

How a Mini Movement Overturned Secret US Shell Companies

Swiss bankers, and many other tax haven operatives, have always complained that they are unfairly victimised by international anger over their financial secrecy practices. “What about Delaware,” they routinely asked, “how come they can get away with it?”

And, at least in this respect, they had a point, even though it was merely a cheap exercise in what-aboutism. But, as of January 1, no longer:

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