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.
Sheriff Carolyn Welsh of Chester County, Pennsylvania published an op-ed in the Daily Local calling on Congress to pass ILLICIT CASH Act (S. 2563) to ensure local law enforcement can fulfill their duty to serve and protect.
The Jubilee USA Network has published a letter in which religious communities to voice their support of beneficial ownership legislation offered through the Corporate Transparency Act (H.R. 2513) and ILLICIT CASH Act (S. 2563).
More than a dozen anti-human trafficking groups sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs urging members to end the incorporation of anonymous shell companies.
A group of five leading international NGOs signed a letter endorsing the ILLICT CASH Act (S.2563) in a bid to end the abuse of anonymous companies in the American financial system.
The Pennsylvania State Troopers Association sent a letter to Senator Pat Toomey in support of the ILLICIT CASH Act (S 2563) and calling for the establishment of commonsense measures to protect the American financial sector.
Small Business Majority (SBM) sent a letter to the Senate Banking Committee voicing support for the ILLICIT CASH Act (S.2563).
