
Landmark Bill Ending Anonymous U.S. Companies Is Enacted
An historic anti-corruption measure ending anonymous companies in the United States became law on Friday, capping a more than decade-long campaign by transparency advocates.
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.
An historic anti-corruption measure ending anonymous companies in the United States became law on Friday, capping a more than decade-long campaign by transparency advocates.
An historic anti-corruption measure ending anonymous U.S. companies could be within days of enactment after House lawmakers voted to override a presidential veto.
With one small change in the law, the Corporate Transparency Act combats grand corruption, terror financing, human trafficking, weapons smuggling and fraud.
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.