Maloney, FACT Coalition Applaud Expected Passage of Corporate Transparency Act

Dec 7, 2020
Press Release

WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), author of the Corporate Transparency Act, was joined by the FACT Coalition today to applaud the bill’s inclusion in a must pass bill that is expected on the House floor this coming week.


The Corporate Transparency Act would require companies to disclose their true, beneficial owners at the time the company is formed to prevent bad actors from using anonymous shell companies to thwart law enforcement and hide their illicit activities.


“The Corporate Transparency Act is the most important anti-money laundering and anti-corruption bill in 20 years, and it will make our country substantially safer,” said Congresswoman Maloney. “Anonymous shell companies have become the vehicle of choice for terrorist financing, money laundering, and organized crime — and unfortunately, the U.S. is one of the easiest places in the world to set up these shell companies. The Corporate Transparency Act solves this by requiring companies to disclose their true, beneficial owners at the time the company is formed. This will make it harder for terrorists, criminals, and kleptocrats to finance their operations and move their money. And this will ultimately make the U.S. — and the world — a safer place.”


"This landmark transparency reform will improve our anti-money laundering rules, protect American communities from the harms caused by criminal and corrupt activity, and ensure the integrity of our financial system,” said Clark Gascoigne, Senior Policy Advisor, Financial Accountability and Corporate Transparency (FACT) Coalition. “At a time when it's easy to be cynical about Washington, the bipartisan process that led to this moment is an example of Congress at its best — with lawmakers like Rep. Maloney doggedly working across the aisle for years in good faith negotiations.  Not only is this an historic anti-corruption victory, it’s a reminder that good things can still happen in Washington."


You can watch the virtual event here.



Congresswoman Maloney first introduced legislation to combat anonymous shell companies in 2009, then named the Incorporation Transparency and Law Enforcement Assistance Act, and has introduced a version of the bill in every subsequent Congress. The Congresswoman introduced H.R. 2513, the Corporate Transparency Act of 2019, on May 3, 2019. It was passed by the House of Representatives with a bipartisan vote of 249-173 on October 22, 2019. A version of the bill was included in the House passed version of the FY21 NDAA in July.