WASHINGTON, DC – Senators Carl Levin (D-MI) and Chuck Grassley (R-IA) introduced bi-partisan legislation today, which would require companies to disclose the names of the beneficial owners of corporations and limited liability companies (LLCs) when formed. Anti-money laundering proponents, law enforcement groups, and financial transparency organizations consider the legislation, known as the Incorporation Transparency and Law Enforcement Assistance Act of 2011, a crucial step toward strengthening law enforcement and keeping criminal and tax evading money out of the U.S.
WASHINGTON, DC – Global Witness applauds Senators Levin (MI-D) and Grassley (IA-R) for introducing legislation that would make it harder for corrupt politicians, tax dodgers, drug traffickers, terrorists and other criminals to form and hide behind anonymous U.S. shell companies. The Incorporation Transparency and Law Enforcement Assistance Act would require those who set up companies in the U.S. to provide information about the beneficial, or ultimate, owner of the company to the state.
Yesterday's US Senate Homeland Security Committee hearing on the Incorporation Transparency and Law Enforcement Act, which featured Tax Justice Network-USA Chairman and Global Financial Integrity Advisor Jack Blum, is now available online on the Senate.gov website. Check it out below:
Full resources from the hearing can be downloaded from the Senate website here...
Video clips are now available on GFI's YouTube channel for every speaker at the July 24 Capitol Hill briefing on tax evasion and incorporation transparency that was organized by Task Force members Global Financial Integrity and Tax Justice Network along with Task Force friend, Citizens for Tax Justice. Check them out below:
Congressman Lloyd Doggett (D-TX) made a surprise appearance at the briefing and spoke for a few minutes:
