Source: United States House of Representatives – Congresswoman Carolyn Maloney (12th District of New York)
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), author of the Corporate Transparency Act, today celebrated the bill’s inclusion in the final William (Mac) Thornberry National Defense Authorization Act (NDAA) for Fiscal Year 2021. The Corporate Transparency Act would require companies to disclose their true, beneficial owners at the time the company is formed to prevent bad actors from using anonymous shell companies to thwart law enforcement and hide their illicit activities.
“I am very proud that we were able to reach a bipartisan compromise on my Corporate Transparency Act, which will now be included in the FY2021 National Defense Authorization Act. This bill, which I’ve been working on for 12 years, will crack down on anonymous shell companies, which have long been the vehicle of choice for money launderers, terrorists, and criminals. The bill will finally allow law enforcement to follow the money in their investigations, and will prevent terrorists, kleptocrats, and other bad actors from using the U.S. financial system to hide their dirty money. This bipartisan compromise was hard-fought, and I want to thank Chairwoman Waters, Ranking Member Brown, Chairman Crapo, and Ranking Member McHenry for their hard work, their persistence, and their willingness to make the necessary compromises to get this bill signed into law. I also want to thank the Financial Accountability and Corporate Transparency (FACT) Coalition for diligently working with me for many years to get this important bill done.”
Congresswoman Maloney first introduced legislation to combat anonymous shell companies in 2009, then named the Incorporation Transparency and Law Enforcement Assistance Act, and has introduced a version of the bill in every subsequent Congress. The Congresswoman introduced H.R. 2513, the Corporate Transparency Act of 2019, on May 3, 2019. It was passed by the House of Representatives with a bipartisan vote of 249-173 on October 22, 2019. A version of the bill was included in the House passed version of the FY21 NDAA in July.