Support the Corporate Transparency Act to Keep LLCs Honest - Passed House
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UPDATE (10/24/19): In a 249 to 173 vote, the House has passed HR 2513. The legislation now moves to the Senate for consideration.
Recently introduced legislation sponsored by Rep. Carolyn Maloney (D-NY) would make it harder for criminals and kleptocrats to launder money in the United States. The Corporate Transparency Act of 2019 H.R. 2513 would require Limited Liability Corporations (LLCs) to report their true owners to the federal Treasury Department.
According to Tax Justice Network, the United States is the second most secretive country in the world because many US states do not require transparency. The Treasury Department noted in its 2018 National Money Laundering Risk Assessment that each year, over $300 billion of illicit proceeds flows through LLCs. Almost 2 million corporations and limited liability companies are registered in the United States every year.
Tell your representative that you support this bipartisan legislation that increases corporate transparency.
