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 CEOs from a dozen companies sent a letter to Congress in support of the Corporate Transparency Act. The full letter can be read below or downloaded here.
Delaware Secretary of State Jeffrey Bullock sent a letter to the U.S. House of Representatives’ Committee on Financial Services, urging members to end the incorporation of anonymous shell companies.
The full letter can be read below or downloaded here.
Small Business Majority sent a letter to Congress in support of the Corporate Transparency Act. The full letter can be read below or downloaded here.
In February, Dallas police busted a ring of illicit massage parlors. Four people were arrested on charges of aggravated promotion of prostitution at three locations in Dallas, Lewisville and Commerce. While the case is ongoing, detectives reported that many of the women working at the parlors may have been victims of human trafficking.
The Coalition Against Insurance Fraud sent a letter to Congress in support of the Corporate Transparency Act.
10 prominent Human Rights organizations sent a letter to Congress urging them to support beneficial ownership transparency.
