Learn About Illicit Financial Flows
Key Terms

U.S. Treasury Dept Welcomes Introduction of the Incorporation Transparency & Law Enforcement Assistance Act

August 4, 2011

By Marti Adams

Marti Adams is the Spokesperson for Illicit Finance and Enforcement in the Office of Terrorism and Financial Intelligence at the U.S. Department of the Treasury in Washington, DC.

US Treasury Department Seal

*woodleywonderworks/Flickr

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.

This bill would substantially advance the Administration’s fundamental interests in ensuring the availability of meaningful beneficial ownership information about companies created in the United States.  As identified in the President’s Strategy to Combat Transnational Organized Crime announced last week, such legislation is critical to the Administration’s objective of protecting the global financial system and strategic markets from abuse. Treasury, along with our colleagues at Justice and Homeland Security, is committed to working with Congress to achieve this important goal.

This was originally posted on the U.S. Treasury Department’s Treasury Notes Blog.

* Image License: Some rights reserved by woodleywonderworks

Share

Disclaimer: Unless specifically stated to be the views of the Financial Transparency Coalition, the opinions expressed on this blog are solely the opinions of the individual blogger and are not necessarily those of the Financial Transparency Coalition.

  • http://twitter.com/MSBCompliance MSB Compliance

    Will be major improvement for fraud prevention and homeland security. Have always been amazed FIs must do CIP but States do so little prior to birthing a legal person.

Latest Press Releases

GFI Notes Significant Progress on Automatic Information Exchange but Warns that Poorest Countries Are Being Shunned

Global Financial Integrity · October 30, 2014

WASHINGTON, DC – While noting significant progress today in the global effort to curb tax evasion, Global Financial Integrity (GFI) expressed concerns that ...

Report reveals threat to U.S. interests from anonymous shell company owners

Global Witness · September 25, 2014

Owners of anonymous companies registered in U.S. states are ripping off innocent people and businesses across America, says a new report by ...

G20 Introduces “Transparency” Behind Closed Doors

Financial Transparency Coalition · September 21, 2014

WASHINGTON, D.C.—The G20’s recent focus on financial transparency is a welcome development, but instituting bare minimum requirements, or plans that allow for ...