Washington, D.C. – Today, the Bank Policy Institute commended committee passage of the Corporate Transparency Act, a bill that would require business owners to provide their name, address, and license or passport number when registering their company. BPI has long supported efforts to prohibit anonymous shell companies, which are used by criminals to hide assets for a range of dangerous and illicit activities, including human trafficking, terrorist financing, money laundering and corruption by foreign governments.
“Today’s strong bipartisan vote to end anonymous shell companies used to mask criminal activity is a giant step forward,” said BPI President and CEO Greg Baer. “With today’s committee vote and Monday’s release of draft Senate legislation, it is clear that bipartisan momentum is building. We look forward to continuing to engage members of Congress to ensure this simple, commonsense legislation becomes law.”
For more resources on the issue, please access the below links:
- Ending Anonymous Shell Companies
- BPI Submits Joint Trade Letter Calling for Swift Passage of Legislation to End Anonymous Shell Companies
- Bank Policy Institute Supports Draft Senate Bill to Prevent Anonymous Shell Companies and Reform Anti-Money Laundering Regime
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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