Bipartisan legislation seeks to put an end to secret companies

Bipartisan bills that proponents say would “help stop the corrupt and other criminals from hiding behind anonymously owned companies created in the U.S.,” were introduced on June 28 in the Senate and House of Representatives.

The True Incorporation Transparency for Law Enforcement (TITLE) Act, introduced by Senators Charles Grassley (R-Iowa), Dianne Feinstein (D-Calif.) and Sheldon Whitehouse (D-R.I.), and the Corporate Transparency Act, introduced by Representatives Peter King (R-N.Y.), Carolyn Maloney (D-N.Y.), Ed Royce (R-Calif.) and Maxine Waters (D-Calif.), would require companies formed in the US to disclose their ultimate owners (known as beneficial ownership) when they are set up, and keep this information up to date.

“This would make it much harder for terrorists, money launderers, and other criminals [from human traffickers to international terror networks] to hide their identities behind webs of shadowy companies to stash their ill-gotten gains in banks,” a joint statement says.

This will be Maloney’s fifth

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