From the Open-Publishing Calendar
From the Open-Publishing Newswire
Indybay Feature
New Senate Bill Combats Shell Companies United Nations Debates Tax Havens
Washington DC - A bipartisan group of Senators introduced the "Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings (ILLICIT CASH) Act" to stop the creation of shell corporations in the United States.
Washington DC - A bipartisan group of Senators introduced the "Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings (ILLICIT CASH) Act" to stop the creation of shell corporations in the United States. The announcement came within hours of world leaders raising concerns about tax havens and shell companies during the UN General Assembly High Level Dialogue on Financing for Development.
"Shell companies support human trafficking and drain billions from developing countries," said Eric LeCompte, UN finance expert and Executive Director of the religious development group Jubilee USA Network. “This bipartisan legislation can help stop US States from being used as tax havens.”
Senators Mark R. Warner (D-VA), Tom Cotton (R-AR), Doug Jones (D-AL), Mike Rounds (R-SD), Bob Menendez (D-NJ), John Kennedy (R-LA), Catherine Cortez Masto (D-NV), and Jerry Moran (R-KS) sponsored the legislation, which would require shell companies to disclose their true owners to the US Department of Treasury.
"Anonymous shell companies have exploited vulnerable communities through Medicaid fraud and stolen development aid in the developing world,” noted LeCompte.
"Shell companies support human trafficking and drain billions from developing countries," said Eric LeCompte, UN finance expert and Executive Director of the religious development group Jubilee USA Network. “This bipartisan legislation can help stop US States from being used as tax havens.”
Senators Mark R. Warner (D-VA), Tom Cotton (R-AR), Doug Jones (D-AL), Mike Rounds (R-SD), Bob Menendez (D-NJ), John Kennedy (R-LA), Catherine Cortez Masto (D-NV), and Jerry Moran (R-KS) sponsored the legislation, which would require shell companies to disclose their true owners to the US Department of Treasury.
"Anonymous shell companies have exploited vulnerable communities through Medicaid fraud and stolen development aid in the developing world,” noted LeCompte.
For more information:
https://www.jubileeusa.org/press
Add Your Comments
We are 100% volunteer and depend on your participation to sustain our efforts!
Get Involved
If you'd like to help with maintaining or developing the website, contact us.
Publish
Publish your stories and upcoming events on Indybay.
Topics
More
Search Indybay's Archives
Advanced Search
►
▼
IMC Network