{"article":{"id":298075,"heading":"Financial Transparency Legislation Clears House Financial Services Committee","author":"Kate Zeller","created":"2019-06-13 13:45:58","modified":"2019-06-13 13:45:58","last_modified":"Thu, 13 Jun 2019 20:45:58","article":"<p>Washington DC - A bill that requires anonymous shell companies to reveal their true owner was approved by the House Financial Services Committee on Wednesday by a bipartisan vote of 43-16. The Corporate Transparency Act of 2019 (H.R. 2513) creates a federal registry and could pass the House of Representatives this year. <br><br> \"Anonymous shell companies too often facilitate the theft of revenue from the developing world and poor communities across the United States,&rdquo; said Eric LeCompte, the Executive Director of the religious development group Jubilee USA. &ldquo;The bipartisan Corporate Transparency Act takes important steps in tackling tax evasion and corruption.&rdquo; <br><br> Shell companies contribute to an estimated 1 trillion dollars leaving the developing world annually. In the United States, anonymous shell companies contribute to Medicare fraud and human trafficking. <br><br> \"Some anonymous shell companies supported dictatorships and others stole development aid and debt relief aid from poor countries&rdquo; stated LeCompte. \"We are hopeful that this financial transparency legislation will pass Congress this year.&rdquo;<\/p>\n","contact":"","link":"https:\/\/www.jubileeusa.org\/pr_house_it_bill_passes_cmte","address":"","phone":"","parent_id":0,"mime_type":"text\/plain","summary":"The bill would create a database of the real &quot;beneficial owners&quot; of American companies, potentially unmasking the true owners of thousands of shell companies. ","numcomment":0,"fileurl":"\/uploads\/","filesize":null,"article_url":"\/news\/2019\/06\/298075.php"},"attachments":[],"comments":[]}