Financial Transparency Coalition

In June, Reuters released the first article in "Shell Games," their ongoing series of investigations into corporate secrecy. The piece, "A little house of secrets on the Great Plains," exposed Wyoming's lax incorporation laws. Featured prominently in the story was a house in Cheyenne that was the official headquarters of over 2,000 corporations, including some suspected of helping corrupt foreign leaders and dodging online gambling laws. Wyoming has some of the most relaxed business incorporation rules in the country (along with Nevada and Delaware), which has made it a haven for those looking to establish shell companies, or...

Today, NBC News reports that a Delaware company made a $1 million contribution to a PAC supporting Mitt Romney about six weeks after it was formed, and then dissolved two months later. This ripped-from-the-headlines story of a corporation that was created for the sole purpose of laundering massive political contributions highlights the need for a bill that was just introduced this week in the U.S. Senate. The company, called W Spann LLC, filed a certificate of formation on March 15 with no information about the owners or the business purpose of the entity. On April 28, the LLC made a...

Earlier this week, Senators Carl Levin (D-MI) and Chuck Grassley (R-IA) introduced a bill to “combat U.S. corporations with hidden owners” that would require disclosure of beneficial ownership information in the company formation process. This proposed legislation would facilitate the transparency of the financial system by making it more difficult for criminal organizations to hide behind front companies and shell corporations.

NEW YORK – A spate of spectacular collapses of Chinese stocks listed on American exchanges has cost U.S. investors billions of dollars. The fiasco has sparked multiple investigations. Accusations are swirling in Washington and Beijing.