U.S. Congress - H.R.6098 Incorporation Transparency and Law Enforcement Assistance Act
H.R.6098 - Incorporation Transparency and Law Enforcement Assistance Act
To amend title 31, United States Code, to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend title 31, United States Code, to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes. as introduced.
- Short: Incorporation Transparency and Law Enforcement Assistance Act as introduced.
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Official Summary
8/10/2010--Introduced.Incorporation Transparency and Law Enforcement Assistance Act - Directs the Secretary of the Treasury to issue regulations not later than October 1, 2012, requiring corporations and limited liability companies formed in a state that does not have an incorporation systOfficial Summary
8/10/2010--Introduced.Incorporation Transparency and Law Enforcement Assistance Act - Directs the Secretary of the Treasury to issue regulations not later than October 1, 2012, requiring corporations and limited liability companies formed in a state that does not have an incorporation system providing for the disclosure, updating, and verification of beneficial ownership information to file with the Secretary information about their beneficial ownership as required by this Act. Sets forth requirements for state incorporation systems with respect to beneficial ownership information, including:(1) identification of beneficial owners by name, current address, and non-expired passport or state-issued driver's license;
(2) identification of any affiliated legal entity that will exercise control over an entity to be incorporated and the identities of the beneficial owners of such affiliated entities;
(3) updating of lists of beneficial owners not later than 60 days after any change in information related to such owners; and
(4) additional information and verification required for beneficial owners who are not U.S. citizens or lawful permanent residents. Requires states that adopt an incorporation system to maintain beneficial ownership information for five years after an incorporated entity terminates. Imposes a civil penalty on any person who:
(1) provides false or fraudulent beneficial ownership information;
(2) fails to provide complete or updated beneficial ownership information; or
(3) knowingly discloses the existence of a subpoena, summons, or other request for beneficial ownership information without authorization. Requires the Secretary to publish a proposed and final rule to require persons who form a corporation, limited liability company, partnership, trust, or other legal entity to establish anti-money laundering programs. Requires the Comptroller General to study and report to Congress on:
(1) state requirements for the disclosure of beneficial ownership information;
(2) whether the lack of such information has impeded investigations into entities suspected of terrorism, money laundering, and other criminal activities; and
(3) whether the failure to require beneficial ownership information for partnerships and trusts formed or registered in the United States has elicited international criticism and what steps the United States has taken or is planning to take in response.
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Recent News Coverage
Thursday's Your Views: Bill is attack on Tenth Amendment
I recently heard of another new effort toward that end – the “Incorporation Transparency and Law Enforcement Assistance Act,” labeled as HR 6098. ...
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111th Congress Transparency Bills
*[http://hdl.loc.gov/loc.uscongress/legislation.111hr6098 HR 6098], A bill to amend title 31, United States Code, to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, ...
Proposed Legistlation Affecting the Private Security and ...
HR 6098 – Incorporation Transparency and Law Enforcement Assistance Act – Rep. Carolyn Maloney (D-NY-14) and Rep. Barney Frank (D-MA-4). Watch with possible Amendment – Would amend title 31, United States Code, to ensure that persons ...
Proposed Legistlation Affecting the Private Security and ...
HR 6098 – Incorporation Transparency and Law Enforcement Assistance Act – Rep. Carolyn Maloney (D-NY-14) and Rep. Barney Frank (D-MA-4). Watch with possible Amendment – Would amend title 31, United States Code, to ensure that persons ...
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