Anonymous Companies | Page 8 | The FACT Coalition

Banks Join the Call to End Anonymous Companies

August 10, 2016

This week, The Clearing House Association, a major trade association for U.S. commercial banks, endorsed legislation requiring the collection of information about the real owners of U.S. companies (S. 2489/H.R. 4450). The Clearing House Association is the oldest banking association in the U.S., and it advocates on behalf of the largest U.S. commercial banks, such as Bank of America, Wells Fargo and SunTrust, just to name a few.

Their letter states, “We believe the bill would assist public sector efforts to identify money laundering and terrorist financing through the disclosure of the beneficial owners of corporations. In addition, the legislation would bring the United States further in line with international AML/CFT expectations, such as the recommendations developed by the Financial Action Task Force (FATF). We can see no justification for allowing corporations to shield their ownership.”

FACT Sheet: Anonymous U.S. “Shell” Corporations: A National Security Code Red

April 10, 2014

Anonymous shell companies threaten U.S. security on many fronts. Requiring the disclosure of beneficial ownership information addresses the problem.

FACT Sheet: Why Beneficial Ownership Transparency Matters

April 9, 2014

Phantom firms can open bank accounts, wire money, buy property, and transact business like any other company, making them an attractive method for hiding, moving, and using money or other assets. As a result, phantom firms are often misused for a multitude of illegal or unethical activities.