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.
Anti-human trafficking organization, Polaris 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.
Business Support Continues to Grow for Corporate Ownership Transparency
A group of CEOs from major companies, a trade association of major multinational enterprises, and a small business trade group each called on Congress over the past week to end the abuse of anonymous shell companies, adding to the momentum to enact corporate ownership transparency legislation.
CEOs
A dozen current and former CEOs from major corporations (including Allianz, Chobani, Danone, Kering, and Unilever) sent a letter to Congress on Tuesday calling on lawmakers to end anonymous shell companies by enacting the bipartisan Corporate Transparency Act of 2019.
On Tuesday April 2, FACT’s Executive Director joined a panel discussion hosted by the Harriman Institute at Columbia University. The panel discussed the expansion of anti-corruption enforcement in the U.S., as well as the challenges of researching oligarchs and recent developments in anti-corruption work.
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.
