3.0.0 2489 2023-01-11T13:32:02Z 2023-01-11T13:32:02Z Senate S 2016-02-03 114 ssju00 Judiciary Committee Senate Standing Referred to 2016-02-03T18:02:42Z Incorporation Transparency and Law Enforcement Assistance Act 114 4450 HR 2016-02-03 Referred to the House Committee on Financial Services. Related bill CRS 2016-02-03 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2016-02-03 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2016-02-03 True G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2016-05-16 False B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2016-09-20 False Crime and Law Enforcement 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 Government studies and investigations Immigration status and procedures Licensing and registrations Office of Management and Budget (OMB) Public contracts and procurement Terrorism Crime and Law Enforcement 00 2016-02-03 Introduced in Senate 2017-01-23T20:40:57Z Incorporation Transparency and Law Enforcement Assistance Act

This bill amends the Omnibus Crime Control and Safe Streets Act of 1968, in order to protect the United States from misuse affecting interstate or foreign commerce of corporations and limited liability companies with hidden owners, to require states receiving funding under the Edward Byrne Memorial Justice Assistance Grant Program 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.

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

It specifies exempt entities. It also prescribes penalties for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated information.

The bill 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 bill to provide the information to the federal government as part of any bid for a contract with a value exceeding the simplified acquisition threshold.

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

The Government Accountability Office must study and 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 bill 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 the formation of corporations with hidden owners, stop the misuse of United States corporations by wrongdoers, and assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, tax evasion, and other criminal and civil 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 2016-02-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2489is/xml/BILLS-114s2489is.xml 2016-02-03 Read twice and referred to the Committee on the Judiciary. 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.