ONE applauds House passage of beneficial ownership amendment

WASHINGTON — The ONE Campaign applauded the House’s passage of the Corporate Transparency Act of 2019 (H.R.2513), which was included as an amendment to the National Defense Authorization Act. The measure will increase transparency, combat corruption and fight poverty by strengthening federal anti-money laundering laws, requiring companies to disclose their actual beneficial owners.

Tom Hart, North America executive director at The ONE Campaign:

“Anonymous shell companies allow criminals to steal billions of dollars from the world’s poorest countries, trapping people in a vicious cycle of poverty. This amendment will help provide law enforcement agencies with the tools they need to help protect U.S. financial interests and crack down on corrupt activity that takes an estimated $1 trillion out of developing countries every year.

“This is a pivotal step forward in the fight for transparency and accountability. ONE thanks Representatives Carolyn Maloney, Peter King, Tom Malinowski, Maxine Waters, Emanuel Cleaver and Michael Waltz for their leadership on this measure and for their commitment to combating corruption.”

Learn more about beneficial ownership and transparency here, and how anonymous shell companies are used here. For more information, or to speak with an expert about this issue, contact Sean Simons at [email protected].