No wonder Trump wants to veto it...
Congress passes a bipartisan bill that actually fights corruption. How did that happen?
With one small change in the law, the Corporate Transparency Act combats grand corruption, terror financing, human trafficking, weapons smuggling and fraud.
https://www.nbcnews.com/think/amp/ncna1251707
Quote:
Last week, with veto-proof majorities in both chambers, Congress passed the annual defense spending bill, known as the National Defense Authorization Act. The bill is expected to soon become law. Folded into the bill is the Corporate Transparency Act — a major bipartisan measure that, for the first time, would end the formation and use of anonymous shell companies in the United States. It’s the most significant anti-money-laundering and anti-corruption upgrade the U.S. has seen in a generation.
While many Americans assume that money laundering and financial crimes are primarily problems for small Caribbean islands or mountainous European countries, the Tax Justice Network’s Financial Secrecy Index currently ranks the United States as the second-largest financial secrecy hub in the world, ahead of Switzerland and behind only the Cayman Islands.
Right now, you can form a shell company (an entity with no real assets or operations) in any state without disclosing the identity of the true owners. In some states, you don’t need to list the name of any person associated with the business. Amazingly, in all 50 states, more information is needed to receive a library card than to form an anonymous company that can facilitate money laundering, tax evasion and corruption.
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