WASHINGTON — The ONE Campaign applauded the House of Representatives’ passage of the Corporate Transparency Act of 2019 (H.R.2513) that would increase transparency and fight corruption and poverty by strengthening federal anti-money laundering laws, requiring companies to disclose their actual beneficial owners. The ONE Campaign has estimated that at least $1 trillion is being taken out of developing countries each year through a web of corrupt activity that involves shady deals for natural resources, the use of anonymous shell companies, money laundering and illegal tax evasion.

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

“We know that corruption kills, by keeping people in the world’s poorest countries trapped in a vicious cycle of poverty, and that transparency is an effective antidote. Yesterday, the House passed a good bill that will help ensure public funds, which can be used to combat extreme poverty and help the underprivileged many, aren’t funneled into anonymous companies that help the privileged few.

“ONE thanks Representatives Carolyn Maloney, Peter King and Tom Malinowski for their leadership on this bill and for their commitment to transparency. We urge the Senate to take up companion legislation and add the United States’ name to the growing list of countries that have taken similar steps to combat crime and corruption.”

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