Now, legislation that would force disclosure of who owns a company registered in the US has once again advanced in Congress. Its fate is uncertain, but interested parties agree this is the strongest chance yet for reforms to pass.
Ownership information would be shared with the Financial Crimes Enforcement Network, or FinCEN, an agency within the Department of Treasury that combats money laundering, terrorist financing, and other financial crimes. Crapo’s legislation would also require the Government Accountability Office to study the availability of true beneficial ownership information for other legal entities.
Banks, law enforcement, human rights groups, labor unions, and state attorneys general are among the coalition supporting the legislation. Even the US Chamber of Commerce“The difficulty is, in order to do the reporting that we need to get past the shell companies, it requires all of our legitimate, honest businesses to disclose lots of information and do significant reporting,” said Crapo, the Senate Banking Committee chair.
To get a bill like this through Congress, you typically need support from the “four corners” — the top Republican and Democrat on both the Senate Banking Committee and the House Financial Services Committee. The bill has support from only three.
They looking at this? Clintons/Foundation took in $14.3 BILLION for Haiti, but Haiti only saw 2% of that money. Where did it all go? -Mikee