House Panel OKs Requiring Cos. To Identify Beneficial Owners
Law360 (June 12, 2019, 6:41 PM EDT) -- A House committee approved legislation Wednesday that would require companies to disclose the identity of their beneficial owners in an effort to unmask anonymous shell companies and help law enforcement combat illicit money laundering and tax evasion.
In a vote of 46-13, the House Committee on Financial Services favorably reported H.R. 2513, the Corporate Transparency Act of 2019, which would require U.S. companies to report the name, date of birth, passport or driver's license number and current address of those who receive the gain from company profits to the U.S. Department of the Treasury's Financial Crimes Enforcement Network. The bill may...
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