No Compromise in Sight as List of US Beneficial Ownership Proposals Grows

By Valentina Pasquali

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...