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.
In a letter to House leadership, Transparency International says H.Amdt.1 (the Corporate Transparency Act) will help the U.S. to “rein in all of these abuses” committed by anonymous shell companies.
More than 100 experts from the national security and foreign policy community call on House leadership to take up beneficial ownership legislation.
The NDAA sent a letter to House Leadership encouraging them to vote in support of the Corporate Transparency Act as House Amendment 1 to the National Defense Authorization Act.
The FACT Coalition sent a letter to the US House of Representatives in support of the Corporate Transparency Act, which will be included as an amendment to the National Defense Authorization Act in En Bloc #1.
Incorporating the Corporate Transparency Act (H.Amdt.499) into the National Defense Authorization Act will provide prosecutors with vital beneficial ownership data, says National District Attorneys Association.
The Fraternal Order of Police (FOP) calls on House Armed Services Committee Leadership to include the Corporate Transparency and Counter Act (H.Amdt.499) in the NDAA, calling it a “simple, yet actionable” solution to fighting financial crime.
