The Fraternal Order of Police sent a letter in support of the ILLICIT CASH Act (S. 2563) which includes a provision requiring the collection of beneficial ownership information.
More than a dozen anti-human trafficking groups 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.
Anonymous companies have been used by rogue employees to embezzle money, fraudulent vendors to undermine supply chains, and bogus competitors to steal contracts.
With fewer resources than larger enterprises, small businesses are often easy targets for scammers and criminals.
The Corporate Transparency Act of 2019 takes the simple, yet effective, step to require corporations and limited liability companies (LLCs) to disclose to law enforcement and others with legally mandated anti-money laundering responsibilities (e.g. financial institutions) information on who is the real, natural person (a.k.a. beneficial owner) who owns and controls an entity at the point of formation.
Additional provisions include a) outlawing the formation of bearer share corporations and LLCs, and b) requiring that bids for large federal contracts include the beneficial ownership data of the prospective contractors and subcontractors.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter of support to the sponsors of the Stop Corporate Inversions Act of 2019. The full letter can be read below or downloaded here.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to the Senate Committee on the Judiciary in support of the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2019. The full letter can be read below or downloaded here.
