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Washington, D.C. – U.S. Senators Marco Rubio (R-FL) and Ron Wyden (D-OR) today introduced the Corporate Transparency Act (S. 1717), legislation that would prevent individuals from using anonymous shell corporations to engage in illicit activities like money laundering, sex trafficking, fraud and terrorist financing.
Under current state incorporation laws, the ultimate owners of a limited liability company (LLC), or shell corporation, are not required to be disclosed. The Rubio-Wyden legislation would fix this and require the beneficial owners of U.S.-based shell corporations to appropriately disclose their identities. This transparency will give law enforcement officials the information they need to investigate financial crimes. Individuals who fail to submit accurate ownership information will be subject to financial penalties or jail time.
“Unsurprisingly, anonymity can lend itself well to hiding nefarious activity,” said Rubio. “We must work to ensure that law enforcement has the basic information, tools, and authorities at its disposal to identify and disrupt illicit activities affecting our communities and our national security, whether its human trafficking, healthcare fraud, transnational corruption, or terrorism financing.”
“For too long criminals have been able to hide behind shell companies to finance terrorism, launder money and defraud the government at the expense of American taxpayers,” said Wyden. “This kind of lawlessness could be directed by individuals with access to the highest levels of government. Congress must give state and federal enforcers the information they need on day one to effectively cut off the flow of dark money to extremely dangerous people.”