Home > Uncategorized > Is the proposed Incorporation Transparency and Law Enforcement Assistant Act of any significant assistance?

Is the proposed Incorporation Transparency and Law Enforcement Assistant Act of any significant assistance?

According to the US Department of Justice Blog “Around the globe today, criminals are seeking to exploit the lack of transparency associated with U.S. companies to harm our national and economic security. Major drug trafficking cartels, arms traffickers and other criminal organizations have employed shell corporations to further their illegal activities and launder their ill-gotten proceeds.”  “The Department of Justice joins our partners at the Departments of Treasury and Homeland Security in welcoming the introduction of an important bill this week in Congress to ‘combat U.S. corporations with hidden owners’ that would require disclosure of beneficial ownership information in the company formation process.”  The proposed legislation would require states to acquire additional ownership information during the state incorporation process.  You can see the Department of Justice blog article and a copy of the legislation HERE.  But I have to ask, since the people who the Department of Justice is trying to catch are criminals, even if the new legislation is enacted, do we really expect those people to disclose honest information or information that would expose their unlawful enterprise to prosecution?

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