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.
Corporate Transparency Act of 2019 a Critical Measure to Combat Corruption, Sanctions Evasion, Money Laundering, and Human Trafficking
WASHINGTON, D.C. — A bipartisan group of lawmakers introduced legislation on Friday addressing the largest vulnerability in the nation’s anti-money laundering framework, according to the Financial Accountability and Corporate Transparency (FACT) Coalition, a non-partisan alliance of more than 100 state, national, and international organizations promoting policies to combat the harmful impacts of corrupt financial practices.
Creating a U.S. shell company takes less information than acquiring a library card. A 2014 academic study found that the U.S. is the easiest country in the world for terrorists and criminals to open anonymous shell companies to launder their money with impunity.
