Legislation Combats Shell Company Corruption

Representatives Carolyn Maloney (D-NY) and Peter King (R-NY) heralded the House introduction of the Corporate Transparency Act at press conference at the House Triangle. The bill aims to prevent shell companies from hiding corrupt and criminal activity. ā€Ž

ā€œDictators use financial secrecy to steal money from their people and human traffickers use shell companies," said Eric LeCompte Executive Director of the religious development group Jubilee USA. "We need Congressional action that protects vulnerable communities from being exploited through financial secrecy."

The legislation requires US corporations to disclose in a private registry that is available to law enforcement, the names of the owners who benefit from a business.

"The leadership of Representatives Maloney and King is critical as we work to promote a more transparent financial system,ā€ā€Ž noted LeCompte.