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 Financial Accountability and Corporate Transparency Coalition (FACT Coalition) submitted comments for the record to the House Financial Services Committee’s Subcommittee on National Security, International Development and Monetary Policy on their hearing recent hearing on corporate transparency. The full letter can be read below or downloaded here.
March 22, 2019
The ACAMS US Capital Chapter is pleased to partner with Global Financial Integrity, the FACT Coalition, and Transparency International for another in our series on beneficial ownership and corporate transparency.
Jubilee USA sent a letter to the House Financial Services Committee’s Subcommittee on National Security, International Development and Monetary Policy in support of their hearing on “Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime.” The letter can be downloaded here.
The Fraternal Order of Police sent a letter to the House Financial Services Committee’s Subcommittee on National Security, International Development and Monetary Policy in support of their hearing on “Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime.” The letter can be downloaded here.
The National District Attorneys Association (NDAA) sent a letter to the House Financial Services Committee’s Subcommittee on National Security, International Development and Monetary Policy in support of the Corporate Transparency Act. The letter can be downloaded here.
This Wednesday, March 13th, the House Financial Services Committee’s subcommittee that covers national security issues will hold a hearing on corporate transparency and efforts to fight money laundering. They will once again discuss a proposal to collect the ownership information (a.k.a. beneficial ownership) of companies when they are formed in the United States. Currently, no state collects this information, and the anonymity has opened the door to a vast array of bad actors that endanger our communities and threaten our national security. More on that later.
The Committee is to be applauded for raising these important issues. Let’s only hope that, this time, they listen to what they hear.
