The United States is discussing a law on corporate transparency – Guidelines


Photo: EPA / BGNES

Corrupt politicians around the world are looking for ways to launder money outside their countries. Kleptocracy and corruption know no bounds, with much of the money from secret transactions going into the US banking system.

If you want to open a US bank account on behalf of a company today, you’ll be amazed at how easy it can be.

“If you think about it, there is no American who can open a bank account without proving his identity – without saying his name and where he lives and providing some proof that he is who he claims to be. Why then companies can open bank accounts and invest millions of dollars without having information about the owner? ”said Carolyn Maloney, Democrat from the House of Representatives

Carolyn Maloney is the initiator of the corporate transparency bill. If passed, the law would oblige corporations and limited liability companies in the United States to disclose their owners. According to a study in the United States, more information is required to issue a reader’s card than to set up a corporation.

“This is one of the most pressing national security issues we face in this country. Anonymous companies that exist only on documents are the preferred means of money launderers, criminals and terrorists. The reason why these companies are so popular that there is no way to trace who the real owner is.Companies that exist only on paper allow criminals and terrorists to move money into the US financial system and finance money. “We are the only advanced country in the world that does not require the disclosure of information about the owner of this type of company, and frankly it is a shame,” added Maloney.

Clarity about the owner would limit access to US banks and thus deprive corrupt individuals of wealth. It is believed that those accused of corruption in the former socialist bloc continue to invest dirty money in American banks precisely thanks to the facilitation of the creation of the so-called “Went company.” The money is usually invested in luxury real estate, such as a five-million-dollar apartment in New York City.

“Two years ago, the Treasury Department conducted a pilot project that collected information on property owners in Manhattan and Miami over a six-month period. The results were staggering. About 30 percent of the transactions turned out to be related. with an owner or a representative of the buyer who have been the subject of a suspicious activity report, and this happened after the Ministry of Finance announced to the world that it would collect information about the owner in these two cities in a period of six months. So the data doesn’t even cover money launderers who have been on the sidelines of the two cities, “said Carolyn Maloney.

The law would require owners to have a name, date of birth, current address and driving license number. Examples from Europe and Great Britain were used to write the act. According to Republican Pete King, one of the sponsors of the law, the American model can now be used by other countries.

“The bad guys will always try to find ways. Our job is to keep this to a minimum. We can’t solve all the problems in the world, but we can make the criminal elements more difficult. This is done with this law. Our main responsibility is to make sure that “not to take advantage of the United States and I also hope that for other countries this will be one of the models. There will always be bad players, there will always be corrupt countries and governments,” Pete King said.

Minimizing abuse is the goal of the Corporate Transparency Act, and attitudes are set to become a reality soon.

“The law was passed in the House of Representatives last October with bipartisan support. The Senate Banking Commission has reached a compromise on their version of the law, which is very similar to our version. I am optimistic that this law will be promulgated this year,” Caroline added. Moloney.

You can hear the report in the sound file.

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