FACT Sheet: A Brief Summary of The Corporate Transparency Act (Title LXIV of the NDAA, H.R. 6395)
A Brief Summary of The Corporate Transparency Act of 2019.
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.
A Brief Summary of The Corporate Transparency Act of 2019.
By a veto-proof majority, the U.S. Senate passed historic legislation to end anonymous companies, capping a week that included both International Anti-Corruption Day and International Human Rights Day, sending the measure to the White House to be signed into law.
The FACT Coalition held a press call with Senator Brown as historic passage of bipartisan bill banning anonymous shell companies nears.
On the eve of International Anti-Corruption Day, the U.S. House of Representatives passed an historic measure to end anonymous companies by a veto-proof margin. The Corporate Transparency Act, included in the annual “must-pass” defense bill known as the National Defense Authorization Act, is expected to become law before the end of the year. As we mark International Anti-Corruption Day, this significant step forward for the U.S., which has historically lagged behind other nations–hopefully ushers in a new era of U.S. leadership on transparency and anti-corruption.
By a veto-proof margin, the House of Representatives passed legislation ending anonymous companies on the eve of International Anti-Corruption Day, teeing up final Senate passage.
FACT sent a letter on the eve of the final NDAA vote urging to congressional leaders to pass beneficial ownership reforms before the end of the year.