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Clark Gascoigneâs entire career has been about ending anonymous shell companies.
Starting at Global Financial Integrity in 2009 and then at the Financial Accountability and Corporate Transparency Coalition, Gascoigne has been on a mission to inject transparency into the ocean of anonymously owned corporate entities that can hide all manner of financial malfeasance.
He and other advocates moved closer to success on Dec. 8, when the House passed the National Defense Authorization Act, with provisions that would establish a beneficial corporate ownership reporting regime and change other anti-money laundering laws. The Senate followed suit last Friday, marking significant legislative steps to make life harder for tax evaders, traffickers and counterfeiters.
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Three months after a leak and investigation into over $2 trillion in suspect transactions at the world’s largest banks and financial institutions, known as the “FinCEN Files,” Congress passed legislation that would require anonymous shell companies to disclose their true owners.
[1] The Corporate Transparency Act, which was added to the National Defense Authorization Act (NDAA), would apply to future and existing entities and would make it more difficult for criminals and kleptocrats to anonymously launder money or evade taxes. The new legislation’s transparency requirements are expected to allow prosecutors to more easily bring cases against criminal groups.
Clark Gascoigne’s entire career has been about ending anonymous shell companies. Starting at Global Financial Integrity in 2009 and then at the Financial Accountability and Corporate Transparency Coalition, Gascoigne has been on a mission to inject transparency into the ocean of anonymously owned corporate entities that can hide all manner of financial malfeasance. He and other advocates moved closer to success on Dec. 8, when the House passed the National Defense Authorization Act, with provisions that would establish a beneficial corporate ownership reporting regime and change other anti-money laundering laws. The Senate followed suit last Friday, marking significant legislative steps to make life harder for tax evaders, traffickers and counterfeiters.
By Jeanne Whalen Washington Post
WASHINGTON A groundbreaking measure to end the creation of anonymous shell companies in the United States cleared Congress on Friday as the Senate joined the House in passing a defense-spending bill with a veto-proof margin.
The Corporate Transparency Act, which was tacked onto the defense bill, would require corporations and limited liability companies established in the United States to disclose their real owners to the Treasury Department, making it harder for criminals to anonymously launder money or evade taxes.
The measure passed the Senate 84-13 as part of the National Defense Authorization Act, which cleared the House earlier this week. President Trump has pledged to veto the defense bill – one of few laws that passes every year – because it doesn’t include his demand to repeal liability protections for social media companies. Trump also opposes a clause ordering the renaming of military bases that are named after Confe