December 9, 2020
As Part of the National Defense Authorization Act, Senate Expected to Send Corporate Transparency Act to President’s Desk Later This Week
WASHINGTON, D.C. — By a veto-proof majority of 335 to 78, the U.S. House of Representatives advanced historic legislation to end the incorporation of anonymous companies in the United States on Tuesday, setting up final passage by the Senate later this week. 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 advancement of the landmark anti-corruption reform. The Senate is now expected to approve this version of the NDAA by the end of the week. 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.”
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.