S.2956 - Incorporation Transparency and Law Enforcement Assistance Act

A bill 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 (3)

All Bill Titles

  • Official: A bill 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.
  • Popular: Incorporation Transparency and Law Enforcement Assistance Act as introduced.
  • Short: Incorporation Transparency and Law Enforcement Assistance Act as introduced.

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Introduced
 
Senate
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House
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President
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05/01/08
 
 
 
 
 
 
 

Official Summary

Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to: (1) establish uniform requirements for states relating to the disclosure of beneficial owners of corporations and limited liability companies formed in such states and the updating o

Official Summary

Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to:
(1) establish uniform requirements for states relating to the disclosure of beneficial owners of corporations and limited liability companies formed in such states and the updating of such disclosures;
(2) require states to maintain beneficial ownership disclosure information for five years after a corporation or limited liability company is terminated;
(3) impose additional identification requirements for the beneficial owners of corporations or limited liability companies who are not U.S. citizens or lawful permanent residents of the United States; and
(4) provide for additional civil and criminal penalties for individuals who provide false beneficial ownership information to a state. Defines \"beneficial owner\" as an individual who has a level of control over a business entity that enables such individual to control, manage, or direct such entity.Requires the Secretary of the Treasury to publish a proposed and final rule to require persons involved in forming 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 state requirements for the disclosure of beneficial owners of partnerships, trusts, or other legal entities formed in such states.

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