Big Banks Back Shell Companies Transparency Bill

Law360, New York (August 9, 2016, 2:24 PM EDT) -- Big banks on Monday backed legislation that would require states to collect the identities of the real owners of shell companies and other vehicles used in real estate transactions, but pushed for a change that they say would more fully ensure that those companies aren’t used to launder illicit funds.

The Clearing House Association — a trade group that includes members such as Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and other large global banks — said in a letter to the authors of the bipartisan Incorporation Transparency and Law Enforcement Assistance Act in both the U.S. House...

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