On February 3, Representatives Carolyn B. Maloney (D-NY-12) and Peter King (R-NY-2) reintroduced their legislation in the House of Representatives to make it obligatory for a corporation to disclose its beneficial owner. This action follows the activist organization Global Witness' publication last week of a groundbreaking investigation that demonstrated that disclosure laws in the United States are easily manipulated and exploited. The findings of the investigation reveal the ugly truth that U.S.-based shell corporations are commonly used to launder money connected to criminal activites. Representative Maloney is quoted as stating that this money laundering practice is "...unacceptable, and it has to stop". Her bill would require U.S. states to obtain information revealing the true ownership of a corporation when incorporation papers are filed within a state. Additionally, Senator Sheldon Whitehouse (D-RI) introduced companion legislation in the Senate. According to Senator Whitehouse, "...the United States is a preferred destination for terrorists, drug traffickers, tax cheats, and other criminals who want to hide the gains from their illegal activity in anonymous business entities". The creation and backing of this legislation by members of Congress that represent New York is fitting given that, according to a New York Times investigation that was published last year, streams of foreign wealth shielded by shell corporations are used to purchase more than fifty percent of all properties in New York City that cost over $5 million.
- Margaux Glovier
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