3.0.0 2956 2017-12-15T00:05:11Z 2017-12-15T00:05:11Z Senate S S 2008-05-01 110 ssga00 Homeland Security and Governmental Affairs Committee Senate Standing Referred to 2008-05-01T18:11:37Z 2008-05-01 ssga00 Homeland Security and Governmental Affairs Committee Senate Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (text of measure as introduced: CR S3706-3708) IntroReferral 2008-05-01 Sponsor introductory remarks on measure. (CR S3704-3706) IntroReferral B00100 9 Library of Congress 2008-05-01 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2008-05-01 True O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2008-05-01 True Commerce Administrative procedure Aliens Congress Congressional investigations Congressional reporting requirements Corporate management Corporation law Crime and Law Enforcement Department of the Treasury Fines (Penalties) Fraud Government Operations and Politics Government paperwork Immigration Law Money laundering Partnerships Standards Trusts and trustees Commerce 00 2008-05-01 Introduced in Senate 2008-06-09T20:33:47Z Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to: (1) establish uniform requirements for states relating to the disclosure of beneficial owners of corporations and limited liability companies formed in such states and the updating of such disclosures; (2) require states to maintain beneficial ownership disclosure information for five years after a corporation or limited liability company is terminated; (3) impose additional identification requirements for the beneficial owners of corporations or limited liability companies who are not U.S. citizens or lawful permanent residents of the United States; and (4) provide for additional civil and criminal penalties for individuals who provide false beneficial ownership information to a state. Defines "beneficial owner" as an individual who has a level of control over a business entity that enables such individual to control, manage, or direct such entity.

Requires the Secretary of the Treasury to publish a proposed and final rule to require persons involved in forming a corporation, limited liability company, partnership, trust, or other legal entity to establish anti-money laundering programs.

Requires the Comptroller General to study and report to Congress on state requirements for the disclosure of beneficial owners of partnerships, trusts, or other legal entities formed in such states.

]]> Incorporation Transparency and Law Enforcement Assistance Act Short Titles as Introduced Incorporation Transparency and Law Enforcement Assistance Act Display Title Incorporation Transparency and Law Enforcement Assistance Act Official Title as Introduced A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes. Introduced in Senate 2008-05-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2956is/xml/BILLS-110s2956is.xml 2008-05-01 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (text of measure as introduced: CR S3706-3708) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.