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House Lawmakers to Reintroduce Corporate Transparency Bill
By Colby Adams
printA pair of New York federal lawmakers Wednesday will reintroduce legislation designed to eliminate the purported ease with which U.S. corporate entities can be used to launder illicit proceeds. Under the Incorporation Transparency and Law Enforcement Assistance Act (ITLEA), U.S. companies would be required to record and disclose the names, addresses, and passport numbers of their beneficial owners to state officials or licensed company formation agents. The measure would require the agents to regularly disclose changes in their clients' ownership structures as well as instances when they've dropped customers for noncompliance. Incorporation agents and the individual clients they serve would...
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