U.S. senators launch bill to broaden shell companies' disclosures

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Bipartisan group of senators launch bill to broaden shell companies' disclosures

1 / 2Senator Tom Cotton arrives for a Senate Intelligence Committee hearing evaluating Russian interference in U.S. electionsBy Mark Hosenball

The senators said one of the principal aims of the new law would be to require shell companies, which the senators said were"often used as fronts for criminal activity" to disclose their ultimate, real owners to the U.S. Treasury Department. The House bill would require companies to disclose their true owners to federal authorities at the time the company is formed and would require such owners to provide their names, dates of birth, current addresses and drivers license or valid passport numbers.

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