An historic anti-corruption measure ending anonymous companies in the United States became law on Friday, capping a more than decade-long campaign by transparency advocates.
By a veto-proof majority, the U.S. Senate passed historic legislation to end anonymous companies, capping a week that included both International Anti-Corruption Day and International Human Rights Day, sending the measure to the White House to be signed into law.
The FACT Coalition held a press call with Senator Brown as historic passage of bipartisan bill banning anonymous shell companies nears.
By a veto-proof margin, the House of Representatives passed legislation ending anonymous companies on the eve of International Anti-Corruption Day, teeing up final Senate passage.
The FACT Coalition joined Congresswoman Maloney at a press conference to applaud the Corporate Transparency Act’s inclusion in the National Defense Authorization Act, a must pass bill that is expected on the House floor this week.
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.