WASHINGTON—Drug cartels, sex traffickers, and terrorists benefit because more personal information must be provided to obtain a library card than to create a company in America, and a bipartisan group of senators is determined to do something about the situation.
To that end, Sens. Mark Warner (D-Va.), Tom Cotton (R-Ark.), Doug Jones (D-Ala.) and Mike Rounds (R-S.D.) have introduced the “Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act” (ILLICIT CASH).
The draft bill “would, for the first time, require shell companies — often used as fronts for criminal activity — to disclose their true owners to the U.S. Department of Treasury,” the senators said in a joint statement announcing the measure.
“Human traffickers, terrorist groups, arms dealers, transnational criminal organizations, kleptocrats, drug cartels, and rogue regimes have all used U.S.-registered shell companies to hide their identities and facilitate illicit activities,” the senators said.