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U.S. Law Enforcement Officials Call for Tougher State Incorporation Rules
By Brian Monroe
printShell companies created in the United States under lax incorporation laws are allowing sanctioned countries to engage in illicit activities, according to three law enforcement officials testifying before a U.S. Senate panel Thursday. The current incorporation system is plagued by "opacity and secrecy…the best friend of the money launderer, the child pornographer, the tax cheat, the fraudster, the corrupt politician, and indeed, the financier of networks of terror," said Adam Kaufmann, Assistant District Attorney for New York County. He read from a prepared statement attributed to his boss, Manhattan District Attorney Robert Morgenthau, and spoke off-the-cuff in follow-up answers to...
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