H.R. 6098 (111th): Incorporation Transparency and Law Enforcement Assistance Act

Introduced:
Aug 10, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Carolyn Maloney
Representative for New York's 14th congressional district
Party
Democrat
Text
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Last Updated
Aug 10, 2010
Length
23 pages
Related Bills
H.R. 3416 (112th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Nov 14, 2011

S. 569 (Related)
Incorporation Transparency and Law Enforcement Assistance Act

Referred to Committee
Last Action: Mar 11, 2009

 
Status

This bill was introduced on August 10, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 10, 2010
Referred to Committee Aug 10, 2010
 
Full Title

To amend title 31, United States Code, 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.

Summary

No summaries available.

Cosponsors
3 cosponsors (3D) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


8/10/2010--Introduced.
Incorporation Transparency and Law Enforcement Assistance Act - Directs the Secretary of the Treasury to issue regulations not later than October 1, 2012, requiring corporations and limited liability companies formed in a state that does not have an incorporation 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.
Sets forth requirements for state incorporation systems with respect to beneficial ownership information, including:
(1) identification of beneficial owners by name, current address, and non-expired passport or state-issued driver's license;
(2) identification of any affiliated legal entity that will exercise control over an entity to be incorporated and the identities of the beneficial owners of such affiliated entities;
(3) updating of lists of beneficial owners not later than 60 days after any change in information related to such owners; and
(4) additional information and verification required for beneficial owners who are not U.S. citizens or lawful permanent residents.
Requires states that adopt an incorporation system to maintain beneficial ownership information for five years after an incorporated entity terminates.
Imposes a civil penalty on any person who: (1) provides false or fraudulent beneficial ownership information; (2) fails to provide complete or updated beneficial ownership information; or (3) knowingly discloses the existence of a subpoena, summons, or other request for beneficial ownership information without authorization.
Requires the Secretary to publish a proposed and final rule to require persons who form 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:
(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; and
(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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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