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.
The Arizona State Lodge of the Fraternal Order of Police (FOP) sent a letter to the Senate endorsing the bipartisan ILLICIT CASH Act (S.2563), which would end the incorporation of anonymous companies in the U.S.
10 prominent human rights organizations sent a letter to senators urging them to support the ILLICIT CASH Act (S.2563) and end the incorporation of anonymous companies in the U.S.
The National Narcotic Officers’ Associations’ Coalition (NNOAC) sent a letter to the Senate endorsing the bipartisan ILLICIT CASH Act (S.2563), which would end the incorporation of anonymous companies in the U.S.
The NNOAC is comprised of 40 individual state narcotic associations representing more than 60,000 law enforcement officers from across the nation. NNOAC adds its name to the growing list of police and prosecutors that support legislation to combat the abuse of anonymous shell companies.
More than 100 national security experts 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.
On Tuesday night, 25 Republicans joined nearly all the chamber’s Democrats to approve the Corporate Transparency Act, a bill that would require those creating a company to report its owners to the federal government. The White House expressed support but called for the House and Senate to work on certain details.
WASHINGTON, D.C. – With a bipartisan vote of 249 to 173, the U.S. House of Representatives passed a bipartisan bill to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S. After more than a decade of debate in Washington, the vote in favor of the Corporate Transparency Act of 2019 (H.R.2513) represents the first time that legislation to end anonymous companies has made it through either Chamber of Congress.
