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BILL

Incorporation Transparency and Law Enforcement Assistance Act
2013

Bill NumberS-1465

Failed to pass Senate
2015-Jan-03

Read the Bill (Reading difficulty: Moderate)
More Information


Sponsor & Key Contributors
Carl Levin

Related Issues...
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What this bill would do...

This bill would require applicants forming corporations in the United States to provide a list of that corporation's owners. It also would require them to maintain that list for 5 years after the corporation is dissolved.

More information

The introduction to the bill provides the following information about forming a corporation in the United States...

o Almost 2 million corporations are formed each year

o Someone forming a corporation in a state typically provides less information to the state than they would need to open a bank account or obtain a driver's license. They often do not provide names of beneficial owners.

o In some states, you can form a corporation in an hour using an online form.

This differs from the European Union, which requires beneficial owners to be identified.

Our current system allowing anonymous corporations enables terrorist organizations, drug and arms trafficking organizations, and international organized crime groups, as well as providing an environment for...

o Money laundering
o Financial fraud and tax evasion
o Intellectual property crimes
o Corruption

This bill did not pass the Senate

This bill was not considered by the Senate, and expired at the end of the 113th Congress.

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