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 out FREE SYNDICATION
(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…) ]
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