House bill would force anonymous shell companies to disclose owners to Treasury Department
By Jeanne Whalen Jeanne Whalen Reporter covering business around the world Email Bio Follow May 6 at 2:02 PM The U.S. could join a growing list of countries cracking down on anonymous shell companies if a bill gathering support in the House continues gaining steam.
The Trump Administration and some Congressional Republicans have voiced support for the idea, with Treasury Secretary Steven Mnuchin last month saying the House bill looked promising. Federal officials believe the Sinaloa Cartel has used U.S. shell companies to facilitate its narcotics trafficking. And in 2013 a federal judge found that an anonymous New York company that owned part of an office tower was acting as a front for Iran, in violation of U.S. sanctions.
The House bill wouldn’t force states to collect ownership information. But it would require states to notify companies that they must report their owners to the Treasury Department, with possible civil and criminal penalties for failure to comply.
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