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U.S. Congress Close to Ending Anonymous Companies Abused by Criminals and Corrupt Actors

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House and Senate Both Expected to Vote on Final Passage of the Corporate Transparency Act as Part of the National Defense Authorization Act this Month

WASHINGTON, D.C. — Leaders of the U.S. Senate and U.S. House of Representatives took a major step toward ending the incorporation of anonymous companies in the United States and updating federal anti-money laundering laws Thursday with the bipartisan unveiling of legislative text for the annual must-pass defense bill. 

Global Financial Integrity (GFI) which has spent a decade producing research and working with coalition partners to review legislation on this issue, encouraged members of Congress to support these key transparency reforms when they come up for a vote in the coming days. The House and Senate are both expected to approve this version of the National Defense Authorization Act (NDAA), which includes the Corporate Transparency Act, before the end of the year. 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.”

Read GFI’s report on establishing anonymous corporations here. 

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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

lanikis@nullgfintegrity.org

@IllicitFlows