3.0.0 1483 2023-01-11T13:22:30Z 2023-01-11T13:22:30Z Senate S S 2011-08-02 112 ssfr00 Foreign Relations Committee Senate Standing Hearings by 2012-05-24T19:24:51Z ssga00 Homeland Security and Governmental Affairs Committee Senate Standing Referred to 2011-08-02T17:23:13Z Incorporation Transparency and Law Enforcement Assistance Act 112 3416 HR 2011-11-16 Sponsor introductory remarks on measure. (CR E2068) Related bill CRS 2012-05-24 ssfr00 Foreign Relations Committee Senate Committee on Foreign Relations. Hearings held. Hearings printed: S.Hrg. 112-602. Committee 2011-08-02 ssga00 Homeland Security and Governmental Affairs Committee Senate Read twice and referred to the Committee on Homeland Security and Governmental Affairs. IntroReferral 2011-08-02 Sponsor introductory remarks on measure. (CR S5255-5260) IntroReferral B00100 9 Library of Congress 2011-08-02 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2011-08-02 True H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2012-07-09 False Commerce Administrative law and regulatory procedures Business records Civil actions and liability Congressional oversight Corporate finance and management Criminal investigation, prosecution, interrogation Currency Department of the Treasury Fraud offenses and financial crimes Government information and archives Immigration status and procedures Licensing and registrations Office of Management and Budget (OMB) Public contracts and procurement Terrorism Commerce 00 2011-08-02 Introduced in Senate 2011-11-22T16:55:15Z Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to require states receiving funding under such Act to prevent terrorism to: (1) use an incorporation system that requires applicants for forming corporations or limited liability companies (corporations), and corporations that have formed, to provide and update lists of their beneficial owners; (2) maintain beneficial ownership information for five years after the corporation terminates; and (3) provide such information pursuant to certain criminal, civil, or administrative requests.

Authorizes such a state that maintains a formal licensing system for formation agents to permit such applicants or corporations to provide such information to such an agent residing in that state instead of to that state directly. Requires such an agent to certify verification of specified identifying information for corporation owners or officers who do not have a non-expired United States-issued passport, drivers license, or identification card.

Specifies exempt entities. Prescribes penalties for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated information.

Requires the Administrator for Federal Procurement Policy to revise the Federal Acquisition Regulation to require any contractor subject to the requirement to disclose beneficial ownership information under this Act to provide the information to the federal government as part of any bid for a contract with a value exceeding the simplified acquisition threshold.

Directs the Secretary of the Treasury to promulgate a rule requiring persons engaged in the business of forming corporations to establish anti-money laundering programs.

Requires the Comptroller General to report on: (1) the extent to which states enable persons to form partnerships, trusts, charitable organizations, or other legal entities under state law and require such persons to provide beneficial owner information; and (2) the effectiveness of incorporation practices implemented under this Act in aiding law enforcement.

]]> 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 in ways that threaten homeland security, 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 IS Short Titles as Introduced Incorporation Transparency and Law Enforcement Assistance Act Introduced in Senate 2011-08-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1483is/xml/BILLS-112s1483is.xml 2012-05-24 Committee on Foreign Relations. Hearings held. Hearings printed: S.Hrg. 112-602. 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.