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 diverse coalition including business, law enforcement, faith, and national security groups sent a letter of support for including the Corporate Transparency Act in the National Defense Authorization Act for Fiscal Year 2021.
Anonymous companies allow counterfeiters and internet pirates to traffic and smuggle illicit goods — undercutting legitimate commerce, markets, and financial systems. Further, illicit trade threatens critical national industries and local economies, placing consumers at risk and harming the market reputational value of American brands and companies.
A new UN report exposes major shortcomings and systemic problems in the global framework to combat tax abuse, corruption, and money laundering.
A new investigation published by a global network of news outlets reveals major flaws in U.S. anti-money laundering safeguards.
The Anti-Money Laundering Act would end the abuse of anonymous companies and has the support of the business community, national security experts, and law enforcement.
The House has shown it’s serious about ending the abuse of anonymous companies. Now the Senate must get this reform across the finish line.
