Resources

Small Business Owners Support Legislation Requiring Transparency in Business Formation

The survey, conducted by Chesapeake Beach Consulting for Small Business Majority, revealed that 77% of small business owners agree Congress should pass legislation that would require businesses to list the true identity of their owners when forming, with roughly half (49%) in strong agreement. The poll was an online survey of 500 small business owners nationwide conducted between March 5 and 11, 2018.

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Hidden in Plain Sight: How Corporate Secrecy Facilitates Human Trafficking in Illicit Massage Parlors

Illicit massage businesses, commonly known as “massage parlors,” have been ubiquitous in the American landscape for decades. Today, new research finds an estimated 9,000-plus of these businesses are operating in every state in the country, with earnings totaling nearly $2.5 billion a year across the industry.

What is unique about this form of trafficking is that massage parlor traffickers actually go through the process of registering their businesses as if they were legitimate. Conceivably then, it should be relatively simple to determine the basics about these businesses — such as what products or services they provide and who ultimately controls and makes money from the business. The actual or “beneficial” owner would then in most cases be the trafficker and could be prosecuted as such.

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Letter from the National Association of Realtors Endorsing Beneficial Ownership Transparency.

Dear Chairman Grassley and Ranking Member Feinstein: On behalf of the 1.3 million members of the National Association of REALTORS® (NAR), I thank you for holding the hearing on “Beneficial Ownership: Fighting Illicit International Financial Networks Through Transparency.” REALTORS® appreciate the attention on policy that promotes national security and helps the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) mitigate risks posed to interstate and international commerce.

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Testimony to Senate Judiciary Committee on TITLE Act S. 1454

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) testified in front of the Senate Judiciary Committee at a hearing on True Incorporation Transparency for Law Enforcement Act or TITLE Act, S. 1454 which would end the abuse of anonymous shell companies by simply requiring companies to list the beneficial owner at the time of corporate formation. The full testimony can be read below or downloaded here.

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