S. 2956 (110th): Incorporation Transparency and Law Enforcement Assistance Act

May 01, 2008 (110th Congress, 2007–2009)
Died (Referred to Committee)
Carl Levin
Senator from Michigan
Read Text »
Last Updated
May 01, 2008
16 pages
Related Bills
S. 569 (111th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Mar 11, 2009


This bill was introduced on May 1, 2008, in a previous session of Congress, but was not enacted.

Introduced May 01, 2008
Referred to Committee May 01, 2008
Full Title

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 for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes.


No summaries available.

2 cosponsors (1D, 1R) (show)

Senate Homeland Security and Governmental Affairs

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Primary Source

THOMAS.gov (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Incorporation Transparency and Law Enforcement Assistance Act - Amends the Homeland Security Act of 2002 to:
(1) establish uniform requirements for states relating to the disclosure of beneficial owners of corporations and limited liability companies formed in such states and the updating of such disclosures;
(2) require states to maintain beneficial ownership disclosure information for five years after a corporation or limited liability company is terminated;
(3) impose additional identification requirements for the beneficial owners of corporations or limited liability companies who are not U.S. citizens or lawful permanent residents of the United States; and
(4) provide for additional civil and criminal penalties for individuals who provide false beneficial ownership information to a state.
Defines "beneficial owner" as an individual who has a level of control over a business entity that enables such individual to control, manage, or direct such entity.
Requires the Secretary of the Treasury to publish a proposed and final rule to require persons involved in forming a corporation, limited liability company, partnership, trust, or other legal entity to establish anti-money laundering programs.
Requires the Comptroller General to study and report to Congress on state requirements for the disclosure of beneficial owners of partnerships, trusts, or other legal entities formed in such states.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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