[Congressional Record Volume 162, Number 20 (Wednesday, February 3, 2016)]
[House]
[Page H507]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





                       BENEFICIAL OWNERSHIP BILL

  (Mrs. CAROLYN B. MALONEY of New York asked and was given permission 
to address the House for 1 minute.)
  Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, this Sunday ``60 
Minutes'' highlighted an explosive undercover investigation by Global 
Witness, which showed just how easy it is for criminals and corrupt 
officials to use anonymous shell companies to bring dirty money into 
the United States.
  The reason it is so easy is because States don't require the 
disclosure of the true beneficial ownership of shell companies. This is 
unacceptable, and it has to stop. As Global Witness stated, ``anonymous 
shell companies are like getaway cars for crooks.''
  That is why I am reintroducing a law, along with my good friend and 
colleague, Representative Peter King, which would require that the 
person creating the corporation say who the beneficial owner is and, 
also, to explain who really owns the company.
  If States do not require and get this information, then, as a 
backstop, the United States Treasury will have this information before 
an account can be opened.
  This is a commonsense, bipartisan attack on what is a major national 
security and law enforcement issue.
  I urge my colleagues to join us in passing this important 
legislation.

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