A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent the formation of corporations with hidden owners, stop the misuse of United States corporations by wrongdoers, and assist law enforcement in detecting, preventing, and punishing terrorism, money laundering , tax evasion, and other criminal and civil misconduct involving United States corporations, and for other purposes.
Carl LevinRussians' Secretive Deals with Donald Trump
What this bill would do...
This bill would require applicants forming corporations in the United States to provide a list of that corporation's owners. It also would require them to maintain that list for 5 years after the corporation is dissolved.
More information
The introduction to the bill provides the following information about forming a corporation in the United States...
o Someone forming a corporation in a state typically provides less information to the state than they would need to open a bank account or obtain a driver's license. They often do not provide names of beneficial owners.
o In some states, you can form a corporation in an hour using an online form.
This differs from the European Union, which requires beneficial owners to be identified.
Our current system allowing anonymous corporations enables terrorist organizations, drug and arms trafficking organizations, and international organized crime groups, as well as providing an environment for...
You can read more about what this bill would do in this editorial in The Hill.
This bill did not pass the Senate
This bill was not considered by the Senate, and expired at the end of the 113th Congress.