US bans anonymous shell companies, passing ‘historic’ anti-corruption legislation
Sunday, January 3, 2021 | Tag Cloud Tags: Congress, EU, News, Trump, United States, Washington, Worthy News | Learn about our FREE SYNDICATION Service | Sign up for our Worthy Briefs! | Printer Friendly
(Worthy News) – The United States banned anonymous shell companies through the defense bill vetoed by President Trump last month but passed in Congress on Friday.
The new legislation will require companies to report their real owners or “beneficial ownership” to the Treasury Department’s Financial Crimes Enforcement Unit.
Included in the $740 billion defense bill, the Corporate Transparency Act will help prevent companies from hiding funds acquired by criminals or corrupt officials or hiding behind corporate organizations capable of concealing that information. The U.S. led the world in anonymous shell companies as of 2011, according to Reuters. [ Source: Washington Examiner (Read More…) ]
Latest Worthy News
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.