A bipartisan group of senators have introduced legislation to combat acts of tax evasion, money laundering, terrorism and other wrongdoing facilitated by U.S. corporations with hidden owners.
Sen. Carl Levin, D-Mich., chairman of the Permanent Subcommittee on Investigations, and Sen. Chuck Grassley, R-Iowa, ranking member of the Senate Judiciary Committee, together with Senators Dianne Feinstein, D-Calif., and Tom Harkin, D-Iowa, introduced the Incorporation Transparency and Law Enforcement Assistance Act on Thursday. The bill would prohibit all 50 states from allowing corporations to be formed by unidentified persons, and instead require states to obtain the identities of the people behind the corporations formed under their laws.
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