Competing U.S. proposals that would require companies to disclose their beneficial owners have gained unprecedented momentum in recent months, with no signs of a consolidated measure in sight. On May 5th, the Obama administration announced a raft of initiatives with the aim of increasing corporate transparency, including plans for draft legislation that would obligate U.S. firms to submit the identities of their true owners directly to the Treasury Department in an effort to bolster federal investigations. The announcement followed the February introduction by Sen. Sheldon Whitehouse (D-RI) of the Incorporation Transparency and Law Enforcement Assistance Act, or ITLEA, which would...
U.S. lawmakers Wednesday pledged a potentially broad overhaul of U.S. anti-money laundering rules and considered draft legislation that would require corporate and legal entities to identify their beneficial owners.
An intergovernmental group tasked with monitoring how effectively nations fight money laundering and terrorist financing is set to criticize the United States for failing to address several long-term deficiencies in the country's laws and regulations.
Draft U.S. Treasury Department rules on customer due diligence requirements for financial institutions would not prevent criminals from exploiting shell companies, according to Elise Bean, former staff director and chief counsel of the Permanent Subcommittee on Investigations.
As the U.S. Treasury Department readies beneficial ownership rules for financial institutions, senators are weighing the introduction of two competing corporate transparency bills that would require disclosures by private companies.
The chairman of the U.S. Senate's Permanent Subcommittee on Investigations will reintroduce a measure that would require company formation agents to record beneficial ownership data, a government official said Tuesday.