December 11, 2020
As Part of the National Defense Authorization Act, the Senate Has Passed the Corporate Transparency Act
WASHINGTON, D.C. — By a veto-proof majority of 84 to 13, the U.S. Senate passed historic legislation to end the incorporation of anonymous companies in the United States on Friday. The bill will now go to the President of the United States for a final signature. The Corporate Transparency Act is included in the annual “must-pass” defense bill, known as the National Defense Authorization Act (NDAA), which is expected to become law before the end of the year.
Global Financial Integrity (GFI), which has spent a decade producing research and working with coalition partners to review legislation on this issue, praised the passage of the landmark anti-corruption reform. The Senate has now sent the bill to be signed into law by the President. This bill is an important step in combating illicit financial flows.
Tom Cardamone, President and CEO of GFI, says “creating registries of beneficial owners will be an invaluable tool to fight money laundering and a whole host of related crimes such as human trafficking, narcotics and weapons dealing and kleptocracy among them. Until now hiding the proceeds of all manner of illegal activity was a simple process. With this transparency requirement law enforcement is one step closer to apprehending the perpetrators.”
Global Financial Integrity appreciates the leadership of Senators Brown, Crapo, Warner, Cotton, Jones, Rounds, Menendez, Kennedy, Cortez Masto, Moran, Whitehouse, Grassley, Wyden, and Rubio. We also thank Leader McConnell, Leader Schumer, Armed Services Chairman Inhofe, and Armed Services Ranking Member Reed for prioritizing the Corporate Transparency Act’s inclusion in the National Defense Authorization Act.
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ABOUT GFI: Global Financial Integrity (GFI) is a Washington, D.C.-based think tank, producing high-caliber analyses of illicit financial flows, advising developing country governments on effective policy solutions and promoting pragmatic transparency measures in the international financial system as a means to global development and security.
CONTACT:
Lauren Anikis
Communications Coordinator