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U.S. Senator Pushes New Measure to Enforce Company Ownership Disclosure
By Matt Squire
printU.S. Senator Carl Levin introduced a bill on Thursday aimed at helping law enforcement agencies identify the owners of shell companies used to disguise money laundering, terrorist financing and other criminal activity. The bill would require states to keep a list of the beneficial owners of companies and limited liability companies formed under their laws and update the list annually. Law enforcement agencies could access the information through a summons or subpoena. "Law enforcement has told us for years that they need the names of the true owners behind a corporation to find out who is responsible for the illicit...
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