End Anonymous Shell Companies

<!DOCTYPE html> <html lang="en"> <head> <script src="https://kit.fontawesome.com/0bb15985ab.js" crossorigin="anonymous"></script>  <script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-WST32MR');</script>  <title>End Anonymous Shell Companies | BPI</title> <meta charset="utf-8">  <meta name="viewport" content="width=device-width, initial-scale=1, maximum-scale=1" /> <meta name="description" content="">  <link href='https://fonts.googleapis.com/css?family=Montserrat:400,700%7CPT+Serif:400,700,400italic' rel='stylesheet'>  <link rel="stylesheet" href="css/bootstrap.min.css" /> <link rel="stylesheet" href="css/magnific-popup.css" /> <link rel="stylesheet" href="css/font-icons.css" /> <link rel="stylesheet" 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text-rotator"> <h2 class="hero-subtitle hidden-xs" style="margin-bottom:10px;">Congress Voted to Pass Legislation to</h2> <h1><span>End Anonymous Shell Companies</span></h1> <div class="buttons-holder mt-30"> <a href="https://www.youtube.com/watch?v=cA1BeAZhFh4" class="btn btn-lg btn-transparent lightbox-video mfp-iframe">Background</a> <a href="https://www.congress.gov/bill/116th-congress/house-bill/6395" target="_blank" class="btn btn-lg btn-transparent">Read the Legislation</a> </div>  <div class="local-scroll"> <a href="#get-the-facts" class="scroll-down"> <i class="fa fa-angle-down"></i> </a> </div> </div> </div> </div> </section>   <section class="result-boxes"> <div class="container-fluid"> <div class="row"> <div class="col-md-4 nopadding"> <div class="statistic result-box result-box-first"> <div class="result-wrap clearfix"> <div class="col-md-3"> <img src="img/icons/checklist.png" alt="" class="result-icon"> </div> <div class="col-md-8"> <span class="result-title">75%</span> <span class="counter-text">of small business owners with an opinion support requiring small business owners to provide their personal information when forming their company.</span> </div> </div> </div> </div>  <div class="col-md-4 nopadding"> <div class="statistic result-box result-box-second"> <div class="result-wrap clearfix"> <div class="col-md-3"> <img src="img/icons/storefront.png" alt="" class="result-icon"> </div> <div class="col-md-8"> <span class="result-title">2/3</span> <span class="counter-text">of small business owners agree that providing their personal information when forming their company would not be burdensome.</span> </div> </div> </div> </div>  <div class="col-md-4 nopadding"> <div class="statistic result-box result-box-third"> <div class="result-wrap clearfix"> <div class="col-md-3"> <img src="img/icons/certificate.png" alt="" class="result-icon"> </div> <div class="col-md-8"> <span class="result-title">Almost 3/4</span> <span class="counter-text">of small business owners say they're willing to provide their personal information when forming their company.</span> </div> </div> </div> </div>  </div> </div> </section>   <section class="section-wrap bg-light pb-mdm-50 pb-130" id="get-the-facts"> <div class="container"> <div class="row heading"> <div class="col-md-6 col-md-offset-3"> <h2 class="text-center bottom-line">Get the Facts</h2> </div> </div> <div class="row"> <div class="col-md-3 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.morningconsultintelligence.com/assets/13611.pdf" target="_blank"> <i class="fa fa-check-square-o hi-icon"></i> </a> <h3>Anti-Money Laundering</h3> <p>The anti-money laundering (AML) regime should be modernized to be more effective in addressing current risks.</p> </div> </div>  <div class="col-md-3 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="/img/pdfs/anonymous-shell-companies-fact-sheet.pdf" target="_blank"> <i class="fa fa-check-square-o hi-icon"></i> </a> <h3>Beneficial Ownership</h3> <p>To combat terrorism and financial crimes, Congress should act to end the formation of anonymous shell companies in the U.S. </p> </div> </div>  <div class="col-md-3 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/wp-content/uploads/2019/10/What-They-Are-Saying-About-Ending-Anonymous-Shell-Companies.pdf" target="_blank"> <i class="fa fa-check-square-o hi-icon"></i> </a> <h3>Media Mentions</h3> <p>Support for anti-money laundering legislation and reforms to beneficial ownership has broad bipartisan support.</p> </div> </div>  <div class="col-md-3 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/wp-content/uploads/2019/06/Ending-Anonymous-Shell-Companies-Survey-Infographic.pdf" target="_blank"> <i class="fa fa-check-square-o hi-icon"></i> </a> <h3>Small Business Survey</h3> <p>This survey of small business owners was conducted on behalf of Bank Policy Institute by Morning Consult.</p> </div> </div>  <div class="col-md-12" style="padding: 0; margin: 0;"> <div class="col-md-6 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/wp-content/uploads/2019/11/100-National-Security-Experts-Call-on-Congress-to-Tackle-Anonymous-Shell-Companies-20191113.pdf" target="_blank"> <i class="fa fa-gavel hi-icon"></i> </a> <h3>Support from 100+ National Security Experts</h3> <p>A bipartisan group of more than 100 national security experts, including former Russian Ambassador Michael McFaul and former Acting Treasury Secretary Adam Szubin, are urging Congress to end anonymous shell companies.</p> </div> </div>  <div class="col-md-3 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/wp-content/uploads/2019/11/Infographic-Criminals-or-Common-Sense.pdf" target="_blank"> <i class="fa fa-question-circle-o hi-icon"></i> </a> <h3>Criminals or Common Sense</h3> <p>Did you know that 70% of the grand corruption cases over the last 30 years involved anonymous shell companies? Click on the icon above to learn more.</p> </div> </div>  <div class="col-md-3 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/wp-content/uploads/2019/10/Ending-Anonymous-Shell-Companies-Myth-vs.-Fact.pdf" target="_blank"> <i class="fa fa-check-square-o hi-icon"></i> </a> <h3>Myth vs. Fact</h3> <p>This document corrects the record on some common misconceptions about the reform.</p> </div> </div>  </div> <div class="col-md-3 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/wp-content/uploads/2019/10/Joint-Trade-Letter-to-Congress-on-HR2513-Oct-17.pdf" target="_blank"> <i class="fa fa-handshake-o hi-icon"></i> </a> <h3>Endorsements</h3> <p>Reforms to end anonymous shell companies have been endorsed by organizations representing diverse interests.</p> </div> </div>  <div class="col-md-3 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://www.banking.senate.gov/imo/media/doc/Baer%20Testimony%206-20-19.pdf" target="_blank"> <i class="fa fa-comments-o hi-icon"></i> </a> <h3>Congressional Testimony</h3> <p>BPI CEO Greg Baer submits testimony to Congress in support of efforts to modernize AML/CFT framework.</p> </div> </div>  <div class="col-md-6 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://www.gao.gov/mobile/products/gao-20-106" target="_blank"> <i class="fa fa-check-square-o hi-icon"></i> </a> <h3>GAO Reports Shell Company Threat to Department of Defense</h3> <p>A recent report by the GAO identified anonymous shell companies as a national security risk to the Department of Defense.</p> <p>The report found foreign manufacturers were using shell companies to supply defective military parts and acquire sensitive data.</p> </div> </div>  <div class="col-md-4 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/recent-activity/?c=11" target="_blank"> <i class="fa fa-quote-left hi-icon"></i> </a> <h3>Letters to Congress</h3> <p>BPI has submitted numerous letters to Congress, calling for the swift passage of anti-money laundering legislation.</p> </div> </div>  <div class="col-md-4 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/recent-activity/getting-to-effectiveness-report-on-u-s-financial-institution-resources-devoted-to-bsa-aml-sanctions-compliance/" target="_blank"> <i class="fa fa-sliders hi-icon"></i> </a> <h3>Getting to Effectiveness</h3> <p>Report on U.S. financial institution resources devoted to BSA/AML & sanctions compliance.</p> </div> </div>  <div class="col-md-4 service-item"> <div class="service-item-box icon-effect-1 icon-effect-1a text-center"> <a href="https://bpi.com/wp-content/uploads/2018/07/20170216_tch_report_aml_cft_framework_redesign.pdf" target="_blank"> <i class="fa fa-check-square-o hi-icon"></i> </a> <h3>Report: A New Paradigm</h3> <p>In April and October 2016, a group of approximately 60 experts came together to discuss how to improve the U.S. framework for anti-money laundering/countering.</p> </div> </div>  </div> </div> </section>   <section class="section-wrap process" style="background-image: url(img/capitol-bg.png)" id="status"> <div class="container"> <div class="row heading"> <div class="col-md-6 col-md-offset-3"> <h2 class="text-center color-white bottom-line">The Corporate Transparency Act Legislative Status</h2> </div> </div> <div class="row"> <div class="col-sm-6ths"> <div class="process-item"> <div class="process-wrap text-center"> <img src="img/icons/passed.png" alt=""> <h3>House Committee</h3> </div> </div> </div>  <div class="col-sm-6ths"> <div class="process-item"> <div class="process-wrap text-center"> <img src="img/icons/passed.png" alt=""> <h3>House Floor</h3> </div> </div> </div>  <div class="col-sm-6ths"> <div class="process-item last"> <div class="process-wrap text-center"> <img src="img/icons/passed.png" alt=""> <h3>Senate Committee</h3> </div> </div> </div>  <div class="col-sm-6ths"> <div class="process-item"> <div class="process-wrap text-center"> <img src="img/icons/passed.png" alt=""> <h3>Senate Floor</h3> </div> </div> </div>  <div class="col-sm-6ths"> <div class="process-item"> <div class="process-wrap text-center"> <img src="img/icons/passed.png" alt=""> <h3>Conference Committee</h3> </div> </div> </div>  <div class="col-sm-6ths"> <div class="process-item"> <div class="process-wrap text-center"> <img src="img/icons/passed.png" alt=""> <h3>Legislation Passed</h3> </div> </div> </div>  </div> </div> </section>   <section class="section-wrap bg-light from-blog" id="news"> <div class="container"> <div class="row heading"> <div class="col-md-6 col-md-offset-3"> <h2 class="text-center bottom-line">In The News</h2> <p class="subheading text-center"></p> </div> </div> <div class="container"> <div class="row"> <div id="owl-blog" class="owl-carousel owl-theme"> <div class="blog-col"> <div class="entry-img"> <a href="https://www.nbcbayarea.com/news/local/thousands-of-foreign-students-may-have-overstayed-visas-through-employment-at-shell-companies/2178507/" target="_blank"> <img src="img/news/visa-vuln.PNG" alt="NBC Report"> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.nbcbayarea.com/news/local/thousands-of-foreign-students-may-have-overstayed-visas-through-employment-at-shell-companies/2178507/" target="_blank">Thousands of Foreign Students May Have Overstayed Visas Through Employment at Possible Shell Companies</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.nbcbayarea.com/news/local/thousands-of-foreign-students-may-have-overstayed-visas-through-employment-at-shell-companies/2178507/" target="_blank">NBC News</a></li> <li> <a href="#">November 27, 2019</a> </li> </ul> <div class="entry-content"> <p>"A months-long joint investigation between NBC Bay Area and NBC News found thousands of foreign students may have used false employment records at more than a dozen potential shell companies to illegally stay in the country after attending American universities...[using] the companies as steppingstones to land jobs at major U.S. firms..."</p> <a href="https://www.nbcbayarea.com/news/local/thousands-of-foreign-students-may-have-overstayed-visas-through-employment-at-shell-companies/2178507/" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.military.com/daily-news/2020/05/01/foreign-shell-companies-trying-infiltrate-us-defense-industry-top-weapons-buyer-says.html" target="_blank"> <img src="img/news/military-news-dod.png" alt="Military.net Report"> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.military.com/daily-news/2020/05/01/foreign-shell-companies-trying-infiltrate-us-defense-industry-top-weapons-buyer-says.html" target="_blank">Foreign Shell Companies Trying to Infiltrate US Defense Industry, Top Weapons Buyer Says</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.military.com/daily-news/2020/05/01/foreign-shell-companies-trying-infiltrate-us-defense-industry-top-weapons-buyer-says.html" target="_blank">Military.com</a></li> <li> <a href="#">May 01, 2020</a> </li> </ul> <div class="entry-content"> <p>"Without naming China, the Pentagon's acquisitions chief warned Thursday of foreign adversaries using shell companies to buy into struggling small defense firms during the coronavirus pandemic. 'We see a lot of shell companies coming in where the beneficial owner ends up being one of our adversaries," Ellen Lord, the undersecretary of Defense for Acquisition and Sustainment, said in a Pentagon teleconference..."</p> <a href="https://www.military.com/daily-news/2020/05/01/foreign-shell-companies-trying-infiltrate-us-defense-industry-top-weapons-buyer-says.html" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.nytimes.com/2017/06/29/nyregion/650-fifth-avenue-iran-terrorism.html" target="_blank"> <img src="img/news/nyt-manhattan.PNG" alt="NYT Iran Owned Condo"> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.nytimes.com/2017/06/29/nyregion/650-fifth-avenue-iran-terrorism.html" target="_blank">Manhattan Skyscraper Linked to Iran Can Be Seized by U.S., Jury Finds</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.nytimes.com/2017/06/29/nyregion/650-fifth-avenue-iran-terrorism.html/" target="_blank">Vivian Wang</a></li> <li> <a href="#">June 29, 2017</a> </li> </ul> <div class="entry-content"> <p>"The jury, which deliberated for one day after a month of testimony, found that the Alavi Foundation, which owns 60 percent of the 36-floor skyscraper at 650 Fifth Avenue, violated United States sanctions against Iran and engaged in money laundering through its partnership with Assa Corporation, a shell company for an Iranian state-controlled bank that had owned the remaining 40 percent..."</p> <a href="https://www.nytimes.com/2017/06/29/nyregion/650-fifth-avenue-iran-terrorism.html" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.bloomberg.com/news/articles/2020-01-04/how-the-pentagon-was-duped-by-contractors-using-shell-companies" target="_blank"> <img src="img/news/BloombergDefense.PNG" alt="Bloomberg Contractors"> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.bloomberg.com/news/articles/2020-01-04/how-the-pentagon-was-duped-by-contractors-using-shell-companies" target="_blank">How the Pentagon Was Duped by Contractors Using Shell Companies</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.bloomberg.com/news/articles/2020-01-04/how-the-pentagon-was-duped-by-contractors-using-shell-companies" target="_blank">David Voreacos and Neil Weinberg</a></li> <li> <a href="#">January 04, 2020</a> </li> </ul> <div class="entry-content"> <p>“Shell companies have come under attack for obscuring illicit money flowing into real estate. But it turns out they’re also a problem for the Pentagon. Some Defense Department suppliers have used such front companies to fraudulently win manufacturing bids, according to a U.S. Government Accountability Office study of Defense Department contractors..."</p> <a href="https://www.washingtonexaminer.com/opinion/op-eds/congress-should-close-loopholes-for-anonymous-shell-companies" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.washingtonexaminer.com/opinion/op-eds/congress-should-close-loopholes-for-anonymous-shell-companies" target="_blank"> <img src="img/news/news-washingtonexam-01.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.washingtonexaminer.com/opinion/op-eds/congress-should-close-loopholes-for-anonymous-shell-companies" target="_blank">Congress Should Close Loopholes For Anonymous Shell Companies</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.washingtonexaminer.com/opinion/op-eds/congress-should-close-loopholes-for-anonymous-shell-companies" target="_blank">Eric O’Neill, Former FBI Counterintelligence Operative</a></li> <li> <a href="#">June 30, 2019</a> </li> </ul> <div class="entry-content"> <p>“With House committee passage of the Corporate Transparency Act, and the introduction of a Senate companion bill that enjoys bipartisan support, the momentum is now firmly behind an effort to finally close legal loopholes that allow criminals to hide behind anonymous shell companies…The solution presented in these bills is amazingly, shockingly simple..."</p> <a href="https://www.washingtonexaminer.com/opinion/op-eds/congress-should-close-loopholes-for-anonymous-shell-companies" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.rollcall.com/news/congress/widely-backed-bill-disclose-business-owners-faces-obstacles" target="_blank"> <img src="img/news/news-cqroll-01.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.rollcall.com/news/congress/widely-backed-bill-disclose-business-owners-faces-obstacles" target="_blank">Bill Cracking Down On LLCs Used For Tax Evasion And Money Laundering Faces Obstacles</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.rollcall.com/news/congress/widely-backed-bill-disclose-business-owners-faces-obstacles" target="_blank">Jim Saksa, Reporter, CQ Roll Call</a></li> <li> <a href="#">April 29, 2019</a> </li> </ul> <div class="entry-content"> <p>“By many accounts, the U.S. is one of the largest havens for money laundering and tax evasion. A United Nations report, confirmed by the Treasury Department, estimated $300 billion in illicit proceeds flowed through the U.S. financial system in 2010…The U.S. is a popular destination for despots to deposit ill-gotten gains in large part because of its corporate registration systems, or lack thereof..."</p> <a href="https://www.rollcall.com/news/congress/widely-backed-bill-disclose-business-owners-faces-obstacles" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.fbi.gov/news/testimony/combating-illicit-financing-by-anonymous-shell-companies" target="_blank"> <img src="img/news/news-03.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.fbi.gov/news/testimony/combating-illicit-financing-by-anonymous-shell-companies" target="_blank">Combating Illicit Financing by Anonymous Shell Companies</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.fbi.gov/news/testimony/combating-illicit-financing-by-anonymous-shell-companies" target="_blank">Steven M. D’Antuono, Acting Deputy Assistant Director at the FBI</a></li> <li> <a href="#">May 21, 2019</a> </li> </ul> <div class="entry-content"> <p>“The U.N. Office on Drugs and Crimes estimates that global illicit proceeds total more than $2 trillion annually, and proceeds of crime generated in the United States were estimated to total approximately $300 billion in 2010. For an illegal enterprise to succeed, criminals must be able to hide, move, and access these illicit proceeds—often resorting to money laundering…"</p> <a href="https://www.fbi.gov/news/testimony/combating-illicit-financing-by-anonymous-shell-companies" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.cnbc.com/2019/06/18/senators-bipartisan-bill-cracks-down-on-shell-companies-and-money-laundering.html" target="_blank"> <img src="img/news/news-04.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.cnbc.com/2019/06/18/senators-bipartisan-bill-cracks-down-on-shell-companies-and-money-laundering.html" target="_blank">Senators: We’re Cracking Down On Shell Companies And Money Laundering</a></h4> </div> <ul class="entry-meta"> <li><a href="https://www.cnbc.com/2019/06/18/senators-bipartisan-bill-cracks-down-on-shell-companies-and-money-laundering.html" target="_blank">Sens. Warner, Cotton, Jones and Rounds, CNBC</a></li> <li> <a href="#">June 18, 2019</a> </li> </ul> <div class="entry-content"> <p>“The United States has become one of the go-to destinations for the creation of anonymous shell companies, allowing human traffickers, terrorists, money launderers, sanctions evaders, kleptocrats, and other criminals to promote criminal activities...banking laws designed to detect and combat money laundering and illicit financial activities haven’t been updated comprehensively in decades…"</p> <a href="https://www.cnbc.com/2019/06/18/senators-bipartisan-bill-cracks-down-on-shell-companies-and-money-laundering.html" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.wsj.com/articles/delaware-backs-overhaul-of-shell-company-rules-1529946813" target="_blank"> <img src="img/news/news-05.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.wsj.com/articles/delaware-backs-overhaul-of-shell-company-rules-1529946813" target="_blank">Delaware Backs Overhaul of Shell-Company Rules</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.wsj.com/articles/delaware-backs-overhaul-of-shell-company-rules-1529946813" target="_blank">Samuel Rubenfeld, Reporter, Wall Street Journal</a></li> <li> <a href="#">June 25, 2018</a> </li> </ul> <div class="entry-content"> <p>“Companies are incorporated at the state level, but federal lawmakers are searching for a way to oversee the process. They have tried for a decade to pass a bill that would require companies to identify their owners at the time they are formed, but certain states, including Delaware, have balked...Earlier this month, however, a key Delaware official endorsed proposed federal changes..."</p> <a href="https://www.wsj.com/articles/delaware-backs-overhaul-of-shell-company-rules-1529946813" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.americanbanker.com/news/states-could-solve-beneficial-ownership-issue-occs-otting" target="_blank"> <img src="img/news/news-06.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.americanbanker.com/news/states-could-solve-beneficial-ownership-issue-occs-otting" target="_blank">States could solve beneficial ownership issue: OCC's Otting</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.americanbanker.com/news/states-could-solve-beneficial-ownership-issue-occs-otting" target="_blank">Kate Berry, Reporter, American Banker</a></li> <li> <a href="#">May 20, 2019</a> </li> </ul> <div class="entry-content"> <p>“Banks face increased challenges in complying with anti-money-laundering laws that could be mitigated if states mandated the collection of accurate information on owners when a corporation first registers as an LLC, Comptroller of the Currency Joseph Otting said Monday. Otting called for the creation of a database that would allow financial institutions to obtain and validate information..."</p> <a href="https://www.americanbanker.com/news/states-could-solve-beneficial-ownership-issue-occs-otting" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://nationalinterest.org/feature/business-funding-terrorism-threats-60882" target="_blank"> <img src="img/news/news-07.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://nationalinterest.org/feature/business-funding-terrorism-threats-60882" target="_blank">The Business of Funding Terrorism Threats</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://nationalinterest.org/feature/business-funding-terrorism-threats-60882" target="_blank">Clay Fuller, American Enterprise Institute Fellow, in Reuters</a></li> <li> <a href="#">June 03, 2019</a> </li> </ul> <div class="entry-content"> <p>“The anonymous shell company—which has no identifiable owner and exists only to hold or transfer value—lurks beneath many of America’s mounting problems. The opioid crisis? Shell companies are used to mask the shipping and distribution of fentanyl, which is mostly manufactured in China. Election interference? Russia used shell companies to funnel money and information to the Internet Research Agency, which fed the trolls involved in nefarious internet political influence schemes..."</p> <a href="https://nationalinterest.org/feature/business-funding-terrorism-threats-60882" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://blogs.wsj.com/riskandcompliance/2018/07/12/mnuchin-seeks-shell-company-changes-within-six-months/" target="_blank"> <img src="img/news/news-08.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://blogs.wsj.com/riskandcompliance/2018/07/12/mnuchin-seeks-shell-company-changes-within-six-months/" target="_blank">Mnuchin Seeks Shell Company Changes Within Six Months</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://blogs.wsj.com/riskandcompliance/2018/07/12/mnuchin-seeks-shell-company-changes-within-six-months" target="_blank">Samuel Rubenfeld, Reporter, Wall Street Journal</a></li> <li> <a href="#">July 12, 2018</a> </li> </ul> <div class="entry-content"> <p>“We need to be able to figure out an efficient and prudent way that we have access to beneficial ownership,’ said Mr. Mnuchin. ‘We’ve got to figure out this beneficial ownership [issue] in the next six months,’ he added. ‘I don’t want to be coming back here next year and we don’t have this solved. International watchdogs have flagged U.S. failures on incorporation transparency..."</p> <a href="https://blogs.wsj.com/riskandcompliance/2018/07/12/mnuchin-seeks-shell-company-changes-within-six-months/" class="read-more" target="_blank">Read More</a> </div> </div> </div>  <div class="blog-col"> <div class="entry-img"> <a href="https://www.washingtonpost.com/business/economy/criminals-and-kleptocrats-will-find-it-harder-to-launder-money-in-the-us-if-this-bill-passes/2019/05/06/ad95fc46-7014-11e9-8be0-ca575670e91c_story.html?noredirect=on" target="_blank"> <img src="img/news/news-09.png" alt=""> </a> </div> <div class="entry-box"> <div class="entry-title"> <h4><a href="https://www.washingtonpost.com/business/economy/criminals-and-kleptocrats-will-find-it-harder-to-launder-money-in-the-us-if-this-bill-passes/2019/05/06/ad95fc46-7014-11e9-8be0-ca575670e91c_story.html?noredirect=on" target="_blank">Criminals And Kleptocrats Will Find It Harder To Launder Money In U.S. If Bill Passes</a></h4> </div> <ul class="entry-meta"> <li>by <a href="https://www.washingtonpost.com/business/economy/criminals-and-kleptocrats-will-find-it-harder-to-launder-money-in-the-us-if-this-bill-passes/2019/05/06/ad95fc46-7014-11e9-8be0-ca575670e91c_story.html?noredirect=on" target="_blank">Jeanne Whalen, Reporter, The Washington Post</a></li> <li> <a href="#">May 21, 2015</a> </li> </ul> <div class="entry-content"> <p>“Nearly 2 million corporations and limited liability companies are registered each year in the United States, at the state level. Few states require companies to disclose their true owners, with Delaware and a few others turning the registration of anonymous companies into big business...Tax Justice Network last year named the United States the globe’s second most financially secretive jurisdiction..."</p> <a href="https://www.washingtonpost.com/business/economy/criminals-and-kleptocrats-will-find-it-harder-to-launder-money-in-the-us-if-this-bill-passes/2019/05/06/ad95fc46-7014-11e9-8be0-ca575670e91c_story.html?noredirect=on" class="read-more" target="_blank">Read More</a> </div> </div> </div>  </div> <div class="customNavigation mt-40 text-center"> <a class="prev"><i class="icon arrow_left"></i></a> <a class="next"><i class="icon arrow_right"></i></a> </div> </div>  </div> </div> </section>   <section class="social-media"> <div class="row heading-social"> <div class="col-md-6 col-md-offset-3"> <h2 class="text-center bottom-line">Follow the Conversation on Social Media</h2> </div> </div> <div class="container"> <div class="row"> <div class="col-md-3 col-xs-12"> <blockquote class="twitter-tweet" data-theme="light"><p lang="en" dir="ltr">“Beneficial ownership is 3 lines of information. That’s it.” - <a href="https://twitter.com/clayrfuller?ref_src=twsrc%5Etfw">@clayrfuller</a> with <a href="https://twitter.com/AEI?ref_src=twsrc%5Etfw">@AEI</a> <a href="https://twitter.com/hashtag/EndAnonymousShellCompanies?src=hash&ref_src=twsrc%5Etfw">#EndAnonymousShellCompanies</a> <a href="https://t.co/CFL8gDKl0W">https://t.co/CFL8gDKl0W</a></p>— Bank Policy Institute (@bankpolicy) <a href="https://twitter.com/bankpolicy/status/1184919170506543106?ref_src=twsrc%5Etfw">October 17, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <div class="col-md-3 col-xs-12"> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">A bipartisan group of 8 U.S. senators on the key <a href="https://twitter.com/SenateBanking?ref_src=twsrc%5Etfw">@SenateBanking</a> Cmte just introduced a bill to update federal <a href="https://twitter.com/hashtag/AML?src=hash&ref_src=twsrc%5Etfw">#AML</a> laws and end the incorporation of U.S. <a href="https://twitter.com/hashtag/AnonymousCompanies?src=hash&ref_src=twsrc%5Etfw">#AnonymousCompanies</a>—opening a viable pathway to Senate passage after a dozen years of inaction. <a href="https://t.co/KWshtDCKJ4">https://t.co/KWshtDCKJ4</a></p>— FACT Coalition (@FACTCoalition) <a href="https://twitter.com/FACTCoalition/status/1177323317726011394?ref_src=twsrc%5Etfw">September 26, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <div class="col-md-3 col-xs-12"> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Anonymous shell companies pose a severe threat to national security.<br><br>Bloomberg reports on GAO findings that shell companies enable money launderers, human traffickers and foreign governments, like Iran, to evade laws and obtain DoD defense contracts.<a href="https://t.co/7FDxdAa7i8">https://t.co/7FDxdAa7i8</a></p>— Bank Policy Institute (@bankpolicy) <a href="https://twitter.com/bankpolicy/status/1214946921674096648?ref_src=twsrc%5Etfw">January 8, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <div class="col-md-3 col-xs-12"> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Fun "fact": If the amount of money laundered globally is the equivalent of up to 5% of global GDP (per the UN), it would replace Germany as the fourth biggest economy in the world.<br><br>...But of course, no-one really knows.</p>— Nate Sibley (@NateSibley) <a href="https://twitter.com/NateSibley/status/1176937150429966338?ref_src=twsrc%5Etfw">September 25, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> </div> <div class="row"> <div class="col-md-3 col-xs-12"> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">A recent report by the GAO identified anonymous shell companies as a national security risk to the Department of Defense.<br><br>The report found foreign manufacturers were using shell companies to supply defective military parts and acquire sensitive data. <a href="https://twitter.com/hashtag/EndAnonymousShellCompanies?src=hash&ref_src=twsrc%5Etfw">#EndAnonymousShellCompanies</a></p>— Bank Policy Institute (@bankpolicy) <a href="https://twitter.com/bankpolicy/status/1201983198512766976?ref_src=twsrc%5Etfw">December 3, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <div class="col-md-3 col-xs-12"> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">May 2019 Congressional testimony by FBI Acting Deputy Assistant Director Steven D'Antunono describes how the Los Zetas drug cartel used anonymous shell companies and racehorses to hide proceeds from drug trafficking and other illicit activities. <a href="https://twitter.com/hashtag/EndAnonymousShellCompanies?src=hash&ref_src=twsrc%5Etfw">#EndAnonymousShellCompanies</a></p>— Bank Policy Institute (@bankpolicy) <a href="https://twitter.com/bankpolicy/status/1221810569705070594?ref_src=twsrc%5Etfw">January 27, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <div class="col-md-3 col-xs-12"> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Organizations representing diverse interests endorse ending anonymous shell companies. We correct the record on some of the myths floating around about this reform: <a href="https://t.co/ziUL1RbKzI">https://t.co/ziUL1RbKzI</a> <a href="https://twitter.com/hashtag/EndAnonymousShellCompanies?src=hash&ref_src=twsrc%5Etfw">#EndAnonymousShellCompanies</a> <a href="https://t.co/BJp5K2RFWJ">pic.twitter.com/BJp5K2RFWJ</a></p>— Bank Policy Institute (@bankpolicy) <a href="https://twitter.com/bankpolicy/status/1186671726026989568?ref_src=twsrc%5Etfw">October 22, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> <div class="col-md-3 col-xs-12"> <blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today the Treasury Department published the 2020 National Strategy for Combating Terrorist and Other Illicit Financing. Requiring beneficial ownership information was identified as a top priority to increase transparency and close legal loopholes. <a href="https://twitter.com/hashtag/EndAnonymousShellCompanies?src=hash&ref_src=twsrc%5Etfw">#EndAnonymousShellCompanies</a> <a href="https://t.co/PY4sbB0fez">https://t.co/PY4sbB0fez</a></p>— Bank Policy Institute (@bankpolicy) <a href="https://twitter.com/bankpolicy/status/1225515511154454528?ref_src=twsrc%5Etfw">February 6, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> </div> </div> </section>    <footer class="footer minimal bg-dark"> <div class="container"> <div class="row"> <div class="col-md-6 col-md-offset-3"> <div class="socials footer-socials"> <a href="https://twitter.com/bankpolicy" target="_blank"><i class="fa fa-twitter"></i></a> <a href="https://www.linkedin.com/company/95499" target="_blank"><i class="fa fa-linkedin"></i></a> <a href="https://www.youtube.com/channel/UCdKTUhAHfnwXQORaEbdK5UQ" target="_blank"><i class="fa fa-youtube"></i></a> <a href="https://www.facebook.com/BankPolicyInstitute" target="_blank"><i class="fa fa-facebook"></i></a> </div>  <span class="copyright text-center"> <p>Paid for by Bank Policy Institute</p> <p>1300 Eye St. NW, Suite 1100 West | Washington, DC 20005</p> <p>© 2022 Bank Policy Institute | <a href="https://bpi.com" target="_blank">www.bpi.com</a></p> </span> </div> </div> </div> </footer>  <div id="back-to-top"> <a href="#top"><i class="fa fa-angle-up"></i></a> </div> </div>   <script type="text/javascript" src="js/jquery.min.js"></script> <script type="text/javascript" src="js/bootstrap.min.js"></script> <script type="text/javascript" src="js/plugins.js"></script> <script type="text/javascript" src="revolution/js/jquery.themepunch.tools.min.js"></script> <script type="text/javascript" src="revolution/js/jquery.themepunch.revolution.min.js"></script> <script type="text/javascript" src="js/rev-slider.js"></script> <script type="text/javascript" src="js/scripts.js"></script> <script type="text/javascript" src="js/imagesloaded.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.video.min.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.carousel.min.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.slideanims.min.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.actions.min.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.layeranimation.min.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.kenburn.min.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.navigation.min.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.migration.min.js"></script> <script type="text/javascript" src="revolution/js/extensions/revolution.extension.parallax.min.js"></script> </body> </html>

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