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State AGs push for a beneficial ownership disclosure law

Joe Mont | August 9, 2018

A bipartisan group of 24 attorneys general is urging leadership of the House Financial Services Committee to advance legislation improving transparency of shell corporations by requiring them to disclose who controls and profits from their activities.

Anonymous shell corporations can be used to obscure participants in financial transactions, and can also allow criminals to launder money without accountability. State law enforcement investigations can stall when the identity of the individuals who control or profit from the companies is hidden.

“Our laws should not enable criminals to exploit these loopholes for their financial gain,” Washington state AG Bob Ferguson said in a statement. “We must ensure that our investigators have the information and access they need to solve crimes.”

The letter to committee chair Jeb Hensarling, (R-Texas), and ranking member Maxine Waters (D-Calif.), co-led by Ferguson and Colorado Attorney General Cynthia Coffman, stresses not...

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