3.0.0 3331 2023-01-11T13:23:57Z 2023-01-11T13:23:57Z House H HR 2013-10-23 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. CAROLYN B. MALONEY of New York:H.R. 3331.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3[Page H6769]]]> hsba00 Financial Services Committee House Standing Referred to 2013-10-23T14:04:10Z 2013-10-23 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-10-23 Sponsor introductory remarks on measure. (CR E1565-1566) IntroReferral B00100 9 Library of Congress 2013-10-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-10-23 Introduced in House IntroReferral 1000 9 Library of Congress M000087 Rep. Maloney, Carolyn B. [D-NY-12] CAROLYN MALONEY D NY B. 12 N W000187 Rep. Waters, Maxine [D-CA-43] MAXINE WATERS D CA 43 2013-10-23 True M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2013-10-23 True C001037 Rep. Capuano, Michael E. [D-MA-7] MICHAEL CAPUANO D MA E. 7 2013-10-23 True K000210 Rep. King, Peter T. [R-NY-2] PETER KING R NY T. 2 2014-02-04 False N000179 Rep. Napolitano, Grace F. [D-CA-32] GRACE NAPOLITANO D CA F. 32 2014-03-26 False C001090 Rep. Cartwright, Matt [D-PA-17] Matt Cartwright D PA 17 2014-07-29 False F000451 Rep. Fitzpatrick, Michael G. [R-PA-8] Michael Fitzpatrick R PA G. 8 2014-11-19 False Crime and Law Enforcement Administrative law and regulatory procedures Business records Civil actions and liability Congressional oversight Corporate finance and management Currency Department of the Treasury Fraud offenses and financial crimes Government information and archives Immigration status and procedures Office of Management and Budget (OMB) Public contracts and procurement Terrorism Crime and Law Enforcement 00 2013-10-23 Introduced in House 2016-03-23T22:08:05Z Incorporation Transparency and Law Enforcement Assistance Act - Directs the Secretary of the Treasury to: (1) issue regulations requiring corporations and limited liability companies formed in a state that does not have a formation system providing for the disclosure, updating, and verification of beneficial ownership information to file with the Secretary information about their beneficial ownership as required by this Act; and (2) provide such information pursuant to a civil or criminal subpoena or summons from a federal or state agency or a congressional committee or a written request by a federal agency on behalf of another country or by the Financial Crimes Enforcement Network.

Defines a "beneficial owner," "corporation," "limited liability company," and "formation agent" for purposes of this Act.

Sets forth requirements for state formation systems regarding beneficial ownership information, including: (1) the identification of beneficial owners by name, residential or business address, and identifying number from a passport or driver's license; and (2) the updating of lists of beneficial owners not later than 60 days after any change in information. Requires retention of such information for five years after a corporation or limited liability company terminates.

Authorizes a state that maintains a formal licensing system for formation agents to permit an applicant to form a corporation or limited liability company, or a corporation or company formed under the laws of the state, to provide such information to such an agent residing in that state instead of to that state directly, under certain conditions. Prescribes penalties for: (1) providing false or fraudulent beneficial ownership information; (2) willfully failing to provide complete or updated information; (3) disclosing the existence of a subpoena, summons, or other request for beneficial ownership information, with exceptions; and (4) a formation agent failing to obtain or maintain credible, legible, and updated beneficial ownership information.

Requires the Secretary to publish a proposed and final rule to require persons engaged in the business of forming corporations to establish anti-money laundering programs.

Requires the Comptroller General to study and report to Congress on: (1) state requirements for the disclosure of beneficial ownership information; (2) whether the lack of such information has impeded investigations into entities suspected of terrorism, money laundering, and other criminal activities; (3) whether the failure to require beneficial ownership information for partnerships and trusts formed or registered in the United States has elicited international criticism and what steps the United States has taken or is planning to take in response; and (4) 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 To amend title 31, United States Code, to ensure that persons who form corporations or limited liability companies in the United States disclose the beneficial owners of those corporations or limited liability companies, in order to prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations and limited liability companies, and for other purposes. Introduced in House IH Short Titles as Introduced Incorporation Transparency and Law Enforcement Assistance Act Introduced in House 2013-10-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3331ih/xml/BILLS-113hr3331ih.xml 2013-10-23 Referred to the House Committee on Financial Services. 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.