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Just the FACTs: August 22, 2019

As August recess wraps up, the prospect for action on beneficial ownership is becoming more likely. In June the Corporate Transparency Act (H.R. 2513) passed out of the House Financial Services Committee by a bipartisan vote of 43-16. It’s sister bill (S.1978) was introduced in the Senate. Two beneficial ownership transparency bills, the TITLE Act (S.1889) and a discussion draft of the ILLICIT CASH Act, have been the subject of hearings. FACT’s Executive Director Gary Kalman testified before the Senate Banking Committee in June to address, among other issues, the impact of legislation on small business.  He noted that “more than three quarters of small business owners felt the tradeoff — reporting burden vs. the prevention of unfair competition from anonymous shell companies  — was worth it.”

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Senators Introduce Bipartisan Bill as Leak of Odebrecht’s “Bribery Division” Underscores Need to End Anonymous Companies

Wyden, Rubio, and Whitehouse’s “Corporate Transparency Act” — Companion to Maloney and King’s H.R.2513 — Would End Incorporation of Anonymous Companies in the U.S.
WASHINGTON, D.C. — Bipartisan momentum to end the incorporation of anonymous companies in the United States escalated on Wednesday following the publication of an international exposé on the scandal-plagued Odebrecht’s “Bribery Division,” as Senators Ron Wyden (D-OR), Marco Rubio (R-FL), and Sheldon Whitehouse (D-RI) introduced legislation that would require companies to disclose their true owner(s) when they incorporate and keep their ownership information up to-do-date.

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Testimony to Senate Banking Committee on Beneficial Ownership Information

Gary Kalman, the executive director of the Financial Accountability and Corporate Transparency (FACT) Coalition, testified in front of the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Thursday, June 20, 2019 at a hearing regarding nongovernmental perspectives on the impact of collecting beneficial ownership information as part of legislation designed to protect the U.S. financial system.

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House Financial Services Committee

House Committee Advances Bipartisan Bill to End Abuse of Anonymous Companies

Corporate Transparency Act of 2019 Moves Forward with Strong Bipartisan Support
WASHINGTON, D.C. — The House Committee on Financial Services voted 43-16 on Wednesday to advance a bipartisan measure to end the incorporation of anonymous companies that can be used for money laundering, terror financing, corruption and tax evasion.

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Just the FACTs: June 12, 2019

The Corporate Transparency Act (H.R. 2513), a bill to end the abuses of anonymous companies, went before the House Financial Services Committee for markup on June 11th. FACT voiced its support for the bill in a letter to the House Financial Services Subcommittee on National Security earlier this year. Over 100 other organizations signed a letter in support of the bill, more than double the number that sent a similar letter last year. In addition to the broad support collected of a decade, new letters came from the National Sheriffs’ Association (NSA), the Anti-Insurance Fraud Coalition, the American Land Title Association, over 60 national security experts and others.

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